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Goldman Sachs Further Reduces Stake in Denmark's Dong Energy
|08/31/2017 | 04:12am|
By Dominic Chopping
Goldman Sachs Group Inc. (>> Goldman Sachs Group) on Thursday reduced its stake in Denmark's Dong Energy A/S (>> DONG Energy) further after agreeing to sell 7.5 million shares in the energy group to institutional investors.
The shares--equivalent to 1.78% of Dong's existing capital--are being sold at 321 Danish kroner ($51.34) each by Goldman Sachs-controlled New Energy Investment S.a.r.l.
Following the deal, New Energy Investment will hold 11,435,215 shares, or 2.7% of Dong's existing shares.
Dong is majority-owned by the Danish state and its listing in June 2016 was Europe's then-biggest initial public offering, valuing the company at around $15 billion. At that time, New Energy Investment held a 13.4% stake in the company.
Dong has shifted from being one of Europe's most coal-exposed utilities to become a leading developer of offshore wind power. It aims to phase out its use of coal completely by 2023.
Dong also has stakes in oil-and-gas assets, with the bulk of production in Norway.
Write to Dominic Chopping at firstname.lastname@example.org