ZURICH (Reuters) - The von Finck family cut its stake in Swiss inspections group SGS (SGSN.S), placing a 12.7% stake via an accelerated bookbuilding process, it said on Monday.
The shares were priced at 2,425 Swiss francs each, below the closing price of 2,727.
The placement, worth about 2.3 billion Swiss francs ($2.4 billion) - through sole bookrunner Credit Suisse (CSGN.S) - will leave the family a stake of about 3%.
The sale follows a review of its long-term investment strategy, and the family said it had no plans at this stage to further reduce its stake.
“Our largest shareholder, GBL (GBLB.BR), participated in the transaction and has increased its stake from 16.7% to 18.9% of SGS share capital,” SGS said on Tuesday.
“Furthermore, the transaction diversifies our investor base and increases our free float.”
Reporting by Michael Shields; Editing by Chris Reese and Clarence Fernandez