Betfair falls as Charlton sells 11 million shares - traders
LONDON, July 8
LONDON, July 8 (Reuters) - Shares in Betfair fall 4.8 percent with traders citing talk that German lender Deutsche Bank is placing 11 million shares of the online betting firm on behalf of Charlton Group.
Shares in Betfair fell 4.5 pence to 840 pence at 1254 GMT, the top faller on Britain's FTSE 250 index. The stake on sale would be worth 96 million pounds at Friday's closing price of 879.5 pence.
Simon Maughan, head of sector strategy at Olivetree Financial Group, said the holding is part of Softbank which has owned the stock since 2006, and is their entire holding, but another part of Softbank owns a further 4.8 percent.
Traders did not mention a price for the placing or whether the bookbuild had been completed.
Betfair could not immediately be reached for comment.