Rolls-Royce Shares Drop After AKO Capital Sells Stake
28 Maggio 2020 - 4:33PM
Dow Jones News
By Joe Hoppe
Rolls-Royce Holdings PLC shares slumped on Thursday after
hedgefund AKO Capital LLP offloaded its 5.2% stake in the
manufacturer.
Shares at 1347 GMT were down 28.2 pence, or 8.15%, at 317.7
pence.
AKO Capital's sale of around 96.7 million shares in the British
aircraft-engine maker sent shares down, with prices dropping as low
as 303.2 pence over the course of the session. Rolls-Royce shares
had climbed around 10% over the last five days, as the aerospace
market had bounced on the relaxing of travel restrictions in
countries including Germany and Spain.
Rolls-Royce--the worst-performing U.K. blue-chip on
Thursday--said on May 20 that it was looking to restructure its
business and particularly its civil aerospace sector, axing up to
9000 jobs and generating annualized savings of more than 1.3
billion pounds.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
May 28, 2020 10:18 ET (14:18 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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