Burberry: loses 7% in London following GBL exit
(CercleFinance.com) - Bringing up the rear on the London FTSE 100 index, Burberry shares dropped more than 7% this morning following the unexpected exit of the Belgian portfolio company GBL from the British luxury goods group.
GBL had previously increased its stake up until the end of last year.
The Burberry share freefalls more than 7% this morning in London, trading under GBL's exit price.
Group Bruxelles-Lambert (GBL) announced this morning that it had disposed of its entire 6.6% stake in Burberry. The 27.6 million shares were sold for 498 million pounds sterling (approximately 565 million euros), making a unit price of 1,804 pence per share or a drop of a little over 4% on the previous quoted price.
GBL will realise a capital gain of 83 million pounds on this occasion.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
GBL had previously increased its stake up until the end of last year.
The Burberry share freefalls more than 7% this morning in London, trading under GBL's exit price.
Group Bruxelles-Lambert (GBL) announced this morning that it had disposed of its entire 6.6% stake in Burberry. The 27.6 million shares were sold for 498 million pounds sterling (approximately 565 million euros), making a unit price of 1,804 pence per share or a drop of a little over 4% on the previous quoted price.
GBL will realise a capital gain of 83 million pounds on this occasion.
Copyright (c) 2018 CercleFinance.com. All rights reserved.