Goldman Sachs Further Reduces Stake in Denmark's Dong Energy

By Dominic Chopping Features Dow Jones Newswires

Goldman Sachs Group Inc. (GS) on Thursday reduced its stake in Denmark's Dong Energy A/S (DENERG.KO) further after agreeing to sell 7.5 million shares in the energy group to institutional investors.

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The shares--equivalent to 1.78% of Dong's existing capital--are being sold at 321 Danish kroner ($51.34) each by Goldman Sachs-controlled New Energy Investment S.a.r.l.

Following the deal, New Energy Investment will hold 11,435,215 shares, or 2.7% of Dong's existing shares.

Dong is majority-owned by the Danish state and its listing in June 2016 was Europe's then-biggest initial public offering, valuing the company at around $15 billion. At that time, New Energy Investment held a 13.4% stake in the company.

Dong has shifted from being one of Europe's most coal-exposed utilities to become a leading developer of offshore wind power. It aims to phase out its use of coal completely by 2023.

Dong also has stakes in oil-and-gas assets, with the bulk of production in Norway.

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Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 31, 2017 04:09 ET (08:09 GMT)