Cramo Oyj experienced its biggest decline in nearly five months after the Hartwall family, its largest stakeholder, sold half of the stake it owns. Cramo Oyj is a Finland-based company that leases construction equipment.
According to a statement, Hartwall Capital and K. Hartwall Invest divested 4.6 million shares today in a deal worth EUR 57 million or USD 77 million. This represented 10.9% of the total stock held by the Hartwall family.
Nordea Bank Analyst Johannes Grasberger told Bloomberg by phone that it is generally not favorable for any company to have a main stakeholder reduce its stake. However, he said this would not necessarily constitute a negative signal. "The stock has been astoundingly strong this year," he said. Despite the 7.8% decline posted today, Cramo still gained 58% this year, he added.
The Hartwall family derives its wealth from a mineral water bottling plant established way back in 1836. Hartwall Capital Investment Director Lauri Pietarinen said nothing was special about the sale. "If the price is attractive, we are normally willing to buy or sell," he told Bloomberg.
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