Brenntag AG (BNR) fell the most in more than a month in Frankfurt after Brachem Acquisition S.C.A., the German chemical distributor’s largest shareholder, sold its entire stake.
Brenntag declined as much 3.2 percent to 88.86 euros, the largest intraday drop since June 1, and traded down 2.9 percent at 89.14 euros as of 10:27 a.m. Brachem sold 6.9 million shares of the chemicals company at 89 euros apiece.
“People aren´t necessarily interested in investing in Brenntag anymore,” said Peter Spengler, a Frankfurt-based analyst at DZ Bank AG, in a phone interview. Brachem’s “plan from the beginning was to sell the shares in a series of consecutive steps, the last of which they executed yesterday. It seems that Brenntag is now starting from scratch again. How the company performs without its biggest shareholder remains to be seen.”
Brenntag raised 747.5 million euros ($926 million) in an initial public offering in March 2010. It was the second-biggest IPO in Germany since 2007.
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