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Kion shares placed at 38.15 euros per share, say sources-Reuters

(Reuters) – Goldman Sachs and KKR have sold their remaining 13.9 percent stake in German forklift truck maker Kion at 38.15 euros ($41) a share, two people familiar with the transaction said on Friday.

Benefiting from strong demand, the sellers were able to hive off the shares at Thursday’s closing price, after earlier guiding investors to bid in a range of 37-38.15 euros a share.

Goldman Sachs and buyout group KKR, which both declined to comment, have sold down their holdings in Kion in a series of placements over the last couple of months, taking advantage of a boom in equity markets.

They floated Kion in June 2013 at an issue price of 24 euros, retaining a 50 percent stake together with the group’s management.
China’s Weichei Power remains the largest shareholder. It took a 25 percent stake in Kion in 2012 and at the time secured the option to increase its stake to one third.