J.C. Flowers & Co to sell 6.5 pct stake in UK’s OneSavings Bank-Reuters

(Reuters) Funds managed by J.C. Flowers & Co LLC will sell about 15.7 million shares in Britain’s OneSavings Bank Plc, representing about 6.5 percent of the shares outstanding, Barclays Bank Plc said on Monday.

A bookbuilding process is expected to close on May 12, Barclays, which will make the offering through its investment bank, said in a statement.

After the sale, J.C. Flowers will own 50.1 percent of OneSavings Bank.

In parallel with the bookbuild, a number of existing shares in OneSavings Bank held on behalf of J.C. Flowers & Co funds and equal to about 19.4 percent to be sold under the bookbuild will be distributed to certain investors in J.C. Flowers Funds.

Barclays is sole bookrunner. N.M.Rothschild & Sons Ltd is acting as financial adviser to J.C.Flowers & Co.

Shares in OneSavings closed up 1.6 percent at 311 pence on the London Stock Exchange.