GS opens 2012 with €315m Brenntag block
Goldman Sachs on Thursday morning completed a 4.5m share sell-down of Brachem -owned stock in Brenntag, the German chemical distributor, having launched this year’s first accelerated bookbuild just after markets closed on Wednesday. The shares, representing 8.7% of the company, were priced at €70 each, a 3.1% discount to Wednesday’s €72.24 close.
The book was fully covered within the first hour, remaining open into Thursday morning when allocations went out just before markets opened.
The stock attracted a range of long-only and hedge investors, with substantial demand from the US. It was split roughly equally between existing and new investors,
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