The sale of SAME (Società Accomandita Motori Endotermici) Deutz-Fahr's stake in Deutz AG caused the latter's value to plunge. The drop was the steepest Deutz had experienced in two years. SAME Deutz-Fahr completed the sale of its 8.4% stake today in Deutz for USD 70 million or USD 92 million. The sale caused the stocks of Deutz, a Germany-based manufacturer of diesel engines, to fall as much as 11% to EUR 6.56 per share.
In an emailed statement to Bloomberg, SAME Deutz-Fahr said they sold their stake in Deutz for EUR 6.88 per share. Deutz, however, would still be a strategic partner and supplier of SAME Deutz-Fahr. The latter is a manufacturer of tractors and agriculture machines in Treviglio, Italy. In 1995, it bought the agricultural machinery division of Deutz AG.
Equinet Analyst Holger Schmidt told Bloomberg by phone, "Maybe SAME wanted to focus on its core business of tractors and agriculture machines. Their strategy over the last few years was to reduce their stake, and this is the completion."
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