 |
Musk: Time to tackle dealer dispute
Elon Musk, Tesla Motors CEO, tells the Reuters Global Tech Summit that he'll talk to politicians who back local car dealers trying to keep Tesla from selling directly to consumers. Video
Reuters Photojournalism
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption
The Afghan Army
The many faces of the Afghan National Army, which has taken over security of the country from NATO. Slideshow
Sponsored Links
SAP co-founder sells shares worth more than $155 million
FRANKFURT |
FRANKFURT (Reuters) - SAP's co-founder Hasso Plattner sold shares in the German business software maker worth 120 million euros ($155.74 million), divesting a portion of his overall stake, the company said on Friday.
To protect the stock price, a bank will place 10 million euros worth of the shares every month until no more are left.
"The sale will be carried out at the bank's own discretion in the stock market or over the counter, for the first time in November 2012 and then again in the months January through November 2013," SAP said in a regulatory statement.
SAP shares reversed their gains, trading down 0.5 percent at 59.91 euros by 10:54 a.m. EDT.
Plattner is SAP's largest shareholder with 121.49 million shares, representing a 9.89 percent stake, according to Thomson Reuters data from the end of September. Based on the current share price the stake is worth a little over 7 billion euros.
With a 73 billion euro market capitalization, SAP is the most valuable company in the German blue chip index, followed by Siemens, worth a little under 70 billion.
(Reporting by Harro ten Wolde; Editing by Helen Massy-Beresford)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters