SembLog shares in K+N acquired by new investors
Institutional investors have acquired about $520 million worth of shares in Kuehne + Nagel as a result of the winding up of cross-shareholdings between the Swiss forwarding and logistics group and SembCorp Logistics, its former strategic partner in Asia.
After “road show” promotions of Kuehne + Nagel’s shares to potential investors in the United States and Europe, institutional investors have bought 3.1 million shares in the group, representing 13 percent of its share capital, at a price of 203 Swiss francs ($166) per share.
The shares were formerly owned by SembCorp Logistics. Kuehne + Nagel and SembCorp Logistics announced Oct. 11 the premature ending of their four-year-old strategic cooperation by mutual agreement.
Kuehne + Nagel could not say who the main institutional investors involved in the purchase are.
Kuehne + Nagel, whose shares are traded on the Zurich stock exchange, said the transaction has increased the “free float” of the company owned by the public from 21.2 percent to 34.3 percent.
Klaus-Michael Kuehne, president of the board of directors of Kuehne + Nagel International AG, still owns 55.75 percent of the company.
About 1.7 million Kuehne + Nagel shares previously owned by SembCorp Logistics, representing 6.97 percent of capital of the company, have been acquired by Kuehne + Nagel International AG as treasury shares.
SembLog shares in K+N acquired by new investors
