SAP co-founder sells shares worth 120 mln euros
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)
- Tweet this
- Share this
- Digg this
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- Rebels likely downed Malaysian jet 'by mistake' - U.S. officials
- UPDATE 3-Rebels likely downed Malaysian jet 'by mistake' -U.S. officials
- Italy gives Google 18 months to change data use practices
- Nifty hits record high on foreign buying, higher Asian stocks
Apple Inc posted a smaller-than-expected 6 percent rise in quarterly revenue on Tuesday, but revenue surged 28 percent in greater China despite stiff competition in its third-largest market. Read | China sales drive strong results