Successful share offering increases Kuehne + Nagel free float by 61percent [34.3percent is free]
Following the announcement of the termination of the commercial agreement between Kuehne + Nagel and SembCorp Logistics (SembLog), Kuehne + Nagel has announced the successful share offering of a 13.03% stake in Kuehne + Nagel in the market.
(10/21/2004)
Pursuant to the cancellation of the co-operation agreement, SembLog announced on October 11th the sale of its entire stake in Kuehne + Nagel, totalling 4.8 million shares.
1,673,641 shares (representing 6.97% of Kuehne + Nagel’s share capital) were retained by Kuehne + Nagel International AG as treasury shares, and the remaining 3,126,359 shares (representing 13.03% of Kuehne + Nagel’s share capital) were offered to institutional investors in a bookbuilding offering. The share offering was priced yesterday at CHF 203 per share.
This offering, which generated interest from institutional investors around the world, represents a very successful step for Kuehne + Nagel, as it increases the free float of the company by 61% from 21.2% to 34.3%.
Kuehne + Nagel has engaged Deutsche Bank as Bookrunner for the share offering. Settlement and delivery of the shares in the offering will occur on October 25, 2004.
