U.K. government sells £1.26 billion of NatWest shares, cutting stake to 38.6%


By Anthony O. Goriainoff

The U.K. government said Monday that it had disposed of its shareholding in NatWest Group through an off-market purchase by the company of 469.2 million ordinary shares for a total consideration of 1.26 billion pounds ($1.57 billion).

The government said it sold the shares at 268.4 pence a share and that this was the closing price on Friday. It added that the purchase is expected to settle on Wednesday.

As a result of the transaction the U.K. Treasury’s participation in the company will fall to around 38.6% from a previous 41.4%.

NatWest said it will cancel 336.2 million of the purchased shares and hold the rest in treasury.

The government said that it “will keep other disposal options under active consideration, including by way of accelerated bookbuilds, when market conditions permit.”

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

This article was originally published by Marketwatch.com. Read the original article here.

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