Enagas slid as much as 7.7 percent, the most since October 2008, and traded down 7.2 percent at 14.60 euros as of 11:43 a.m. local time. The shares were earlier suspended from trading.
Sagane Inversiones, formed by savings banks Caja Murcia, Caja Castilla La Mancha and Caja Granada, sold its stake at 14.70 euros a share for 175.5 million euros ($224.6 million), according to a filing today.
Enagas shares had climbed 10 percent this year before today’s sell-off, in contrast to a 10 percent drop for Spain’s benchmark IBEX 35 Index. Enagas is still up 2 percent since December. Banco Santander SA and Credit Suisse (CSGN) handled the share sale for Sagane.
“It was difficult to understand why Enagas had outperformed the IBEX in the previous days, so it was clear it should drop at some point,” Francisco Salvador, a Madrid-based strategist at FGA/MG Valores, said by phone. “Other investors including the Spanish government could also sell their stakes, which could mean a drag for the stock.”
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