February 3, 2020 / 5:08 PM / 19 days ago

Von Finck family placing 12.7% stake in Swiss group SGS

ZURICH, Feb 3 (Reuters) - The von Finck family is reducing its stake in Swiss inspections group SGS, placing a 12.7% stake via an accelerated bookbuilding process, it said on Monday.

The placement worth about 2.3 billion Swiss francs ($2.4 billion) - through sole bookrunner Credit Suisse - will leave the family a stake of about 3%. The sale comes after a review of its long-term investment strategy. The family said it has no plans at this stage to reduce its stake further.

The indicated price range was 2,415-2,500 Swiss francs, representing a discount of up to 11.4%. ($1 = 0.9650 Swiss francs) (Reporting by Michael Shields Editing by David Goodman)

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