Cramo Oyj (CRA1V) fell the most in almost five months in Helsinki trading after its biggest shareholder, Finland’s Hartwall family, sold about half of its stake in the company that leases construction equipment.
Cramo declined as much as 7.8 percent, the most since May 3. Shares in the Vantaa, Finland-based company slid 5.2 percent to 12.52 euros as of 1:15 p.m. in the capital city. Hartwall’s trade pushed volume on the stock to about 70 times the three-month daily average.
“Generally, it’s not in the company’s favor when the main owner reduces its stake,” Johannes Grasberger, an analyst at Nordea Bank AB in Helsinki, said by phone. Still, it’s not “a negative signal” as there is no change in fundamentals, he said. “The stock has been astoundingly strong this year.”
Cramo has gained 58 percent in 2013 even after today’s decline. The company benefits from its exposure to neighboring Sweden, where construction demand is stronger than in Finland, Grasberger said. Sweden accounted for 46 percent of Cramo’s revenue last year, compared with 29 percent at Helsinki-based Ramirent Oyj. (RMR1V)
Investment companies for the Hartwall family including Hartwall Capital Oy and K. Hartwall Invest Oy sold 4.6 million shares today, about 10.9 percent of the total stock, according to a statement. The sale was valued at about 57 million euros ($77 million), or about 12.25 euros a share, according to data compiled by Bloomberg. This represents a 7.2 percent discount to yesterday’s closing price of 13.20 euros.
The Hartwall family, whose wealth originates from a mineral-water bottling plant set up in 1836 in the capital city and later breweries, remain Cramo’s largest shareholders with about 11 percent holding after the trade.
“If the price is attractive, we are normally willing to buy or sell,” Lauri Pietarinen, investment director at Hartwall Capital in Helsinki, said by phone. “There was nothing exceptional about this case.”
Hartwall Capital paid 583 million kroner ($106 million) for 9.4 percent of Royal Unibrew A/S (RBREW) shares last month, becoming its second-largest shareholder. The company could be willing to increase its ownership in the future, Pietarinen said. Cramo Chairman Stig Gustavson’s plan to step down next year was not related to the trade, he said.
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