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Wednesday, 3 June 2009
Barclays shares drop after stake sale
Shares in Barclays fell 14% after one of the bank’s largest Middle Eastern investors sold its entire shareholding in the UK bank in one of London’s biggest-ever stock placings. International Petroleum Investment Company, the investment vehicle of Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi’s royal family, sold 1.3bn Barclays shares to 220 institutional investors at a price of 265p, a 17% discount to the previous closing price. Barclays shares closed Tuesday at 273.5p, down 42.75p.
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