Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Pandora’s Main Owners Take Direct Stakes After Distribution

Sept. 17 (Bloomberg) -- Pandora A/S, the Danish maker of charm bracelets, said the 40.4 percent stake held by Prometheus Invest ApS has been redistributed to the investment fund’s controlling shareholders to give them equal tax treatment.

Private-equity investor Axcel will own about 25.9 percent of Pandora after the reallocation, while the founding Enevoldsen family will hold 12.4 percent, the jeweler said today in a statement. Some minority owners are also involved and will directly hold 2.1 percent, leaving Prometheus without any shares in Pandora, according to the statement.

“With the new structure, the investors will be treated equally regarding tax,” said Joachim Sperling, a spokesman for Axcel. “That’s basically the reason for this change. There is no drama behind this other than tax issues.”

No sales of Pandora shares have been made in the market and no change in the ultimate ownership of the shares will occur as a result of the distribution, the company said.

Prometheus in May sold 13 million shares, or a 10 percent stake, in Pandora to institutional investors for 200 kroner a share, capitalizing on the stock’s strength. The shares have gained 81 percent this year on improved earnings as the Danish company adds new collections more frequently and lowers prices.

The Enevoldsen Group intends to conduct “further group reorganizations” that may result in a change in the placement of its holdings, the company said.

The stock was up 0.1 percent at 225.40 kroner as of 10:29 a.m. in Copenhagen.

To contact the reporter on this story: Katarina Gustafsson in Stockholm at +46-8-610-0714 or kgustafsson@bloomberg.net

To contact the editor responsible for this story: Celeste Perri at +31-20-589-8505 or cperri@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.