01 October 2010 16:46 [Source: ICIS news]
PRAGUE (ICIS)--A 21% stake in the world's largest chemical distributor, Brenntag, has been successfully placed with institutional investors, majority shareholder Brachem Acquisition SCA said on Friday.
Around 11m shares in the German company were bought at €60.75 ($83.22) per share, or a transaction volume of €668m, it added.
The transaction, run by Deutsche Bank, meant that the free float of Brenntag shares rose to just over 50% from 29%, Brachem said. Brachem's own stake was reduced to 49.61% following the placement.
Brenntag in late March raised €747.5m in an initial public offering (IPO).
The company claims global market leadership in “full-line” chemicals distribution, with 2009 revenues of €6.4bn.
Brachem is an investment vehicle of BC Partners, Bain Capital and Goldman Sachs.
($1 = €0.73)
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