Nippon Steel sells 7.9% stake in Acerinox for 218 million euros

FILE PHOTO: The logos of Nippon Steel Corp. are didplayed at the company headquarters in Tokyo, Japan March 18, 2019. Picture taken March 18, 2019. REUTERS/Yuka Obayashi

MADRID (Reuters) - Nippon Steel said on Friday it had sold a 7.9% stake in Spanish steel maker Acerinox for 218 million euros through a private placement.

The stake was sold at 10.2 euros per share, which represented a discount of 5.7% from Acerinox’s Thursday closing price.

Acerinox were down 5.8% on Friday morning.

After the placement, Nippon Steel still held a 7.9% stake in the company.

The company said 10 months ago that its stake in Acerinox was “financial”, that is, susceptible to being sold, according to local newspaper Cinco Dias.

Reporting by Cristina Galán and Tomas Cobos; editing by Inti Landauro and Jason Neely