Shares in this article
indices in this article
STOCKHOLM (dpa-AFX) –
The Swedish investment company Kinnevik wants to pass on its Zalando shares (Zalando) to its own shareholders.
The Kinnevik shareholders will vote on a corresponding proposal at a general meeting at the end of April, as the Swedes announced on Wednesday. Based on the closing price on February 15, a total value of around 55 billion Swedish kronor (5.5 billion euros) would be distributed to shareholders, it said. In the future, Kinnevik wants to concentrate more on younger, high-growth investments that are increasingly not yet listed.
On the stock exchange this caused disgruntlement:
The Zalando share fell in early trading by up to almost 7 percent. However, the paper had reached a record high the day before at 103.25 euros.
Zalando announced that the management board supported the decision of the Swedish investment company. Kinnevik was a “major investor”. “Especially in the early days of Zalando, we were certain of Kinnevik’s active support and willingness to invest and take risks in order to pursue a long-term conviction,” explained Co-boss Rubin Ritter. Kinnevik’s decision is now a “logical next step”.
Kinnevik had already reduced its stake in the past, but is currently the online fashion retailer’s largest investor with 21 percent.
The transaction is then expected to close in the second quarter. Overall, shareholders, who represented 50 percent of the voting rights, had already agreed to support the Annual General Meeting, according to Kinnevik.
The Swedes joined Zalando in 2010, before the company, which was founded in 2008 as an online shoe retailer, went public.
The Berliners have been listed since 2014 and have since developed from an online retailer to a trading platform for fashion and cosmetics. Since going public, the company has quadrupled its business, explained Zalando.
The company is also one of the big winners from the coronavirus pandemic as more people shop online.
After the price rally last year and since the free float of the shares will continue to increase due to the current Kinnevik-Pne, the chances of a rise in the German leading index Dax (DAX 30) should improve ./nas/mis/ngu/mis