September 15, 2009 / 4:14 PM / 11 years ago

CORRECTED - UPDATE 1-Co-founder Plattner to cut stake in SAP

(Corrects second bullet point and final paragraph to show his stake set to fall to 10 pct, not 5 pct)

* Says Plattner could sell up 240 mln euros in shares

* Would halve Plattner’s stake in SAP to 10 pct

* SAP shares close down 0.4 pct while DAX firms

(adds detail, background)

FRANKFURT, Sept 15 (Reuters) - SAP (SAPG.DE) co-founder Hasso Plattner plans to sell shares in the German software company worth up to 240 million euros ($351.2 million) by the end of next year, the company said.

SAP said in a statement on Tuesday that Plattner had signed a deal with a bank to sell SAP shares with a fair value of 15 million euros each month until Dec. 31, 2010.

A spokesman declined to comment on the move.

Plattner founded the company in 1972 with four others and has reduced his stake several times, leaving him with a stake of 10.5 percent.

Based on SAP’s market capitalisation of around 43.2 billion euros, selling 240 million euros worth of shares would lower his holding to around 10 percent.

Reporting by Nicola Leske, Editing by Michael Shields

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