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Rating:Credit Suisse Sells Aberdeen Stake Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 5, 2012

Credit Suisse Sells Aberdeen Stake

News summary by MFWire's editors

The dip in the price of Aberdeen Asset Management [profile] shares on Tuesday was the artifact of a large stakeholder cashing out. So reports both Reuters and the Telegraph.

Credit Suisse sold a seven percent stake in Aberdeen -- 80.4 million shares -- and raised roughly $314 million (200 million pounds). The sale was reportedly part of an effort at the Swiss bank to raise capital and not a reflection on Aberdeen's prospects.

Last month, the Swiss National Bank told Credit Suisse's leaders that the bank needed to build its capital base. The message came after a Moody's debt downgrade.

Aberdeen shares dropped 9.7 percent to 255p after the move. Credit Suisse bought a 25 percent stake in Aberdeen in 2009 when the shares changed hands at 127p.

According to a source who knew about the move, the shares were sold between 245p to 255p, and were sold within 15 minutes "reflecting strong demand from investors". 

Edited by: HFD

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