ERGO Insurance Group sells its stake in Jenoptik

Jenoptik's longstanding major shareholder, ERGO Insurance Group, has sold its stake in the company—worth approximately 8.5 percent—to institutional investors in Germany and abroad.

Jenoptik's (Jena, Germany) longstanding major shareholder, ERGO Insurance Group (Düsseldorf, Germany), has sold its stake in the company—worth approximately 8.5 percent—to institutional investors in Germany and abroad. Due to strong demand, around 4.88 million shares in the company were placed on April 2, 2014, at a price of $16.70 (€12.15) per share by means of an accelerated book building process. The sole bookrunner was UBS Investment Bank.

Related: Jenoptik achieves revenue of 600M euros in FY2013

ERGO, which had held a stake in Jenoptik for over 10 years, holds none of the company's shares following the sale. ECE Industriebeteiligungen mbH and Thüringer Industriebeteiligungs GmbH & Co. KG remain the largest shareholders, with stakes of 14.01 and 11.0 percent, respectively.

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