SAP co-founder sells shares worth 120 mln euros

FRANKFURT Fri Nov 30, 2012 9:31pm IST

Hasso Plattner, co-founder of software giant SAP puts on his jacket as he arrives for a gala to celebrate the 40th anniversary of the founding of SAP in Mannheim April 29, 2012. REUTERS/Ralph Orlowski/Files

Hasso Plattner, co-founder of software giant SAP puts on his jacket as he arrives for a gala to celebrate the 40th anniversary of the founding of SAP in Mannheim April 29, 2012.

Credit: Reuters/Ralph Orlowski/Files

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FRANKFURT (Reuters) - SAP's (SAPG.DE) co-founder Hasso Plattner sold shares in the German business software maker worth 120 million euros, divesting a portion of his overall stake, the company said on Friday.

To protect the stock price, a bank will place 10 million euros worth of the shares every month until no more are left.

"The sale will be carried out at the bank's own discretion in the stock market or over the counter, for the first time in November 2012 and then again in the months January through November 2013," SAP said in a regulatory statement.

SAP shares reversed their gains, trading down 0.5 percent at 59.91 euros by 1554 GMT.

Plattner is SAP's largest shareholder with 121.49 million shares, representing a 9.89 percent stake, according to Thomson Reuters data from the end of September. Based on the current share price the stake is worth a little over 7 billion euros.

With a 73 billion euro market capitalisation, SAP is the most valuable company in the German blue chip index, followed by Siemens (SIEGn.DE), worth a little under 70 billion.

(Reporting by Harro ten Wolde; Editing by Helen Massy-Beresford)

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