Pandora Drops Most in 15 Months as Biggest Owner Cuts HoldingKatarina Gustafsson
Pandora A/S, the Danish maker of bracelets and charms, fell the most in 15 months in Copenhagen trading after its majority shareholder capitalized on the stock’s strength this year by selling a 10 percent stake.
The shares slid as much as 11 percent, the steepest drop since Feb. 21, 2012. They were down 8.9 percent at 204.70 kroner as of 9:54 a.m., trimming this year’s gain to 64 percent.
Prometheus Invest ApS sold 13 million shares in Pandora to institutional investors through an offering conducted by JPMorgan Chase & Co. and Nordea Markets. The sale raised 2.6 billion kroner ($451 million), JPMorgan said in a statement today, implying a price of 200 kroner a share. That’s the bottom of an indicated range of 200 kroner to 205 kroner.
Prometheus, which is controlled by Copenhagen-based private equity-fund Axcel and Pandora’s founding Enevoldsen family, will retain a 40.9 percent stake in the jeweler.