June 3 (Bloomberg) -- TDC A/S fell for a fifth day in Copenhagen trading, marking its longest losing streak since February, as Svenska Handelsbanken AB said speculation that KKR & Co LP may sell its stake is pushing the stock down.
TDC, Denmark’s biggest phone company, fell as much as 1.6 percent to 44.36 kroner, the lowest since April 23. The stock declined 1.5 percent to 44.44 kroner at 11:03 a.m. in the Danish capital, with trading volume at 14 percent of the three-month daily average.
“Rumors and worries are weighing on the share,” Handelsbanken said today in a note to clients. A KKR sale “will create massive short-term pressure and push the TDC stocks in the short term.”
KKR, led by billionaires Henry Kravis and George Roberts, is the last of the five private-equity firms still holding a stake in the Copenhagen-based phone company after a 2005 takeover, according to TDC’s website. KKR holds about 11 percent, Handelsbanken said.
Handelsbanken maintained its accumulate recommendation and a target price of 48 kroner. The bank said it expects shares to recuperate following a pattern seen after Permira Advisers LLP, Providence Equity Partners Inc., Apax Partners LLP and Blackstone Group LP sold stakes.
Of the 30 analysts tracking TDC, 14 recommend clients to buy the shares. Ten are neutral while six advises selling.
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