Coface: share tumbles after Natixis sells stake
(CercleFinance.com) - Coface shares are down over 10% in Paris on Thursday following Natixis' decision to sell its remaining stake in the credit insurer.
Natixis announced this morning the sale of some 15.1 million shares, representing just over 10% of Coface's capital, at a unit price of 11.55 euros, meaning a total of 174.15 million euros.
Following this transaction, which took the form of an accelerated placement with institutional investors, the banking group no longer holds any shares in Coface.
As of 31 December 2021, Coface's free float stood at 69.6%; the largest shareholder of the trade risk protection specialist is the US specialist insurer Arch Capital Group with a stake of almost 29.9%.
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