Korea: Hite Brewery falls after Carlsberg sells partial stake
Shares in Hite Brewery Co. fell 2.43 % to 140,500 won after Danish brewer Carlsberg confirmed late on Friday, December 2, it had sold around half of its 25 % stake in South Korea's top beer maker, Asia News communicated on December 5.
The sale led to share overhang worries, with investors concerned Carlsberg may also sell its remaining stake in Hite. Shares in the local beer maker fell 15 percent last week.
Carlsberg placed 11.9 percent of Hite in the market, it said on Friday, selling almost 2.3 million shares and reducing its stake in the domestic brewer to 13.1 percent.
Sources close to the deal said Lehman Brothers had priced the shares at 142,000 won each, a 4.1 % discount to Hite's closing price of 148,000 won on Thursday.
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