Feb. 8 (Bloomberg) -- Centrica Plc, the U.K.’s biggest supplier of gas and electricity, dropped in London trading after Malaysia’s Petroliam Nasional Bhd. decided to sell its entire stake for about 590 million pounds ($932 million).
Centrica declined 8.2 pence, or 2.7 percent, to close at 294.5 pence at 4:13 p.m., the sharpest drop since October. The stock has fallen 10 percent in the past twelve months, valuing the company at 15.3 billion pounds ($24.1 million).
Petronas, as Malaysia’s state oil company is known, is selling a stake in the Windsor, England-based company through a so-called accelerated bookbuild managed by Citigroup Inc., according to terms of the offer obtained by Bloomberg News.
The U.S. bank is offering 199.4 million shares in the British utility at an indicative price of 294.5 pence to 297.75 pence per share, the terms showed. At the middle of that range, the sale would raise 590 million pounds.
Petronas’s 3.9 percent stake had made them the largest shareholders in Petronas behind Invesco Ltd. and Legal & General Group, according to data compiled by Bloomberg.
A Centrica spokesman declined to comment when contacted by Bloomberg News today.
--Editors: Will Kennedy, Stephen Cunningham
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