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Pandora Shares Decline as Investors Axcel, Pewic Sell Stake

March 14 (Bloomberg) -- Pandora A/S, a Danish maker of charm bracelets, fell the most in more than six weeks as several investors agreed to sell a stake worth 4.51 billion kroner ($838 million) after the stock more than doubled last year.

Funds managed by Danish private-equity firm Axcel, Pewic Holding ApS and Christian Algot Enevoldsen agreed to sell 13 million shares to institutional investors, Pandora said in a statement today. The move was announced yesterday by JPMorgan Chase & Co., which is managing the sale along with Goldman Sachs Group Inc. and Nordea Bank AB.

“You will probably see a fall in the shares today but it will be positive on a longer term since now all the uncertainty is basically out of Pandora in terms of the owner structure,” analyst Soeren Loentoft Hansen at Sydbank A/S said by phone.

The shares declined as much as 4 percent, the biggest intraday drop since Jan. 27, and were down 2.8 percent at 349.4 kroner as of 9:29 a.m. in Copenhagen. Trading volume was more than 17 times the three-month daily average.

Axcel, which bought a controlling stake in Pandora in 2008 and later reduced its holding, is among shareholders paring investments in companies across Europe, the Middle East and Africa as buyers continue to bet on an economic recovery. The value of additional share sales so far this year is $22.5 billion, compared with $18 billion in the same period last year, data compiled by Bloomberg show.

Axcel is also buying 1.38 million shares from Michael Lund Petersen, a founding shareholder, and will own about 10 percent of Pandora after the transactions. NM Rothschild & Sons Ltd. acted as financial adviser to Axcel.

In February, Glostrup-based Pandora announced it would buy back as much as 2.4 billion Danish kroner of stock this year, its biggest such commitment, after reporting a 76 percent increase in net income for the final three months of 2013. The stock has risen about 125 percent in 12 months.

Of the 14 analysts who cover Pandora and share their ratings with Bloomberg, 11 advise their clients to buy the shares, two have hold recommendations and one favors selling.

To contact the reporter on this story: Katarina Gustafsson in Stockholm at

To contact the editors responsible for this story: Celeste Perri at David Risser, Robert Valpuesta

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