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
- Govt considers ban on e-cigarettes, sale of single smokes
- India's fiscal deficit in H1 almost 83 pct of full-year target
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- Sensex surges 500 points on BOJ easing, L&T gains
- Europe won't recognise vote in eastern Ukraine, Merkel tells Putin
Samsung Electronics unveiled two new mid-tier handsets with a premium design as it prepared to deliver a riposte to its low-priced Chinese rivals and reclaim its title as the top brand in the world's biggest smartphone market. Full Article