JM’s second largest shareholder sells
Asteck, the second largest shareholder in the Portuguese food retailer Jerónimo Martins, which owns supermarkets Pingo Doce, has sold its 5% share in the company for €621 million. It made €1.1Bn over 14 years from the shareholding.
The shareholder sold its share through an “accelerated bookbuild’ states the supermarket giant through a communiqué to the stock market commission CMVM. The news from Jerónimo Martins which is run by Pedro Soares dos Santos was also confirmed by Bloomberg.
An accelerated bookbuild is a form of offering in the equity capital markets. It involves offering shares in a short time period, with little to no marketing. The bookbuild of the offering is done very quickly in one or two days. Underwriters may sometimes guarantee a minimum price and sale proceeds to the firm.
Asteck, which belongs to an oil industry sector holding, sold its 31,464,759 shares it held in JM to institutional investors for €19.75 per share, raking in a total of €621,42 million.
The company based in Luxembourg provides investment services.
Asteck is a subsidiary of offshore oil and gas construction firm Heerema Group which delivers solutions and create sustainable value(s) on projects within the offshore energy industries. It also specialises in engineering and fabricating structures for the offshore energy industry.
The amount is equivalent to a 8.6% discount on the listing at the close of business on Monday, 15 November (€21.61 per share), which was a historic maximum.
If the sale had been undertaken at the market value, it would have meant €680 million. The selloff saw 13% wiped off JM shares in which the grocer’s shares fell back to €19.15 per share.