Sartorius Stedim Biotech Shares Fall After Capital Increase
By Nina Kienle
Sartorius Stedim Biotech shares dropped Wednesday after the France-based laboratory-instrument manufacturer completed a capital increase of 1.2 billion euros ($1.29 billion).
At 0843 GMT, shares were down 3% at EUR243.50, above the price at which the company sold its new shares, EUR233. The stock has climbed 31% over the last three months.
Sartorius Stedim said it sold 5.2 million shares to institutional investors and that it will use most of the proceeds to reduce debt.
German parent company Sartorius AG participated in Sartorius Stedim's capital increase by acquiring new shares valued at around EUR400 million. Following the capital increase, Sartorius's stake in its subsidiary will be reduced to 71.5% from 73.6%.
Sartorius separately raised EUR200 million by selling treasury shares at EUR326.00 each, a discount to its closing price of EUR339.50 on Tuesday. Sartorius shares traded 1.3% lower at EUR335.10.
Sartorius Stedim's capital increase eases the debt burden on the company and acts as a clearing event, Jefferies analysts said.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
February 07, 2024 04:08 ET (09:08 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
This Cheap Stock Is Still a Buy Even After 50% Rally
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying