06 July 2012 17:09 [Source: ICIS news]
LONDON (ICIS)--The majority shareholder in chemical distributor Brenntag, private equity investment vehicle Brachem Acquisition, has completed its exit from the company with the sale of its remaining 13.3% stake, Brenntag said on Friday.
Brachem sold 6.87m shares in Brenntag for €611m ($754m), or at €89 per share, it added.
The transaction means that 100% of Brenntag is now in free float on the stock market, the chemical distributor said.
Brachem, owned by BC Partners, Bain Capital and Goldman Sachs Group, acquired Brenntag in September 2006.
Since selling an initial 29% stake in Brenntag via an initial public offering in March 2010, raising €747.5m at €50 per share, it has gradually sold all its holdings in the company.
Earlier on Friday, Brenntag CFO Georg Muller told ICIS the company has cut 4%, or more than 200, of its European staff in an attempt to prepare the company for challenging macro-economic conditions in ?xml:namespace>
Based in Mulheim an der Ruhr,
In 2011, the company realised global sales of €8.7bn.
($1 = €0.81)
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