Italy's Technogym drops after main investor sells 6%

Technogym

19/05/2021 10:33

** Shares in Italy's Technogym fall as much as 10% after top
investor TGH's move to cut its stake raises fears of further
shareholding cuts
** TGH, the holding company of Technogym founder and Chairman
Nerio Alessandri, placed a 5.96% stake through an ABB at a price
of 10.81 euros per share, in the third such sale in three years,
cutting its holding to 33.8%
** The sale suggests TGH "may maintain an opportunistic attitude
in the future further reducing its stake in the medium term",
broker Equita says
** The stock is one of the top losers on Milan's all-share index
 .FTITLMS , with shares down 7.56% at 10.40 euros at 0840 GMT 
** The move "adds an overhanging risk to the stock as the major
shareholder may decide to further reduce its stake following the
expiration of the lock-up period", broker Bestinver adds
** Technogym said on Tuesday it would seek to grow into a
business with profitable and sustainable long-term growth,
regardless of its founder

 (Reporting by Giancarlo Navach; editing by Giulia Segreti)
 ((giancarlo.navach@thomsonreuters.com; +39 0266129518))