B&M European Value slumps as SSA Investments sells 40m shares

Discount retailer B&M European Value Retail was under the cosh on Friday after SSA Investments sold 40m shares in the company - a 4% stake - in a placing.

The shares were sold at 585p each, raising gross proceeds of £234m.

Following settlement of the placing, which is expected to take place on 18 January, SSA will hold a stake of around 7% in B&M.

Goldman Sachs acted as sole bookrunner in connection with the placing.

Luxembourg-based SSA Investments is controlled by brothers Simon and Bobby Arora, B&M's chief executive and trading director, respectively.

At 0805 GMT, the shares were down 3.6% at 575.20p.