Euromoney slumps as DMGT cuts stake to 49%

Business information and events group Euromoney Institutional Investor was under the cosh on Friday as Daily Mail and General Trust cut its stake in the company to around 49% from 67%.

DMGT sold around 32.3m shares in Euromoney at 975p per share, raising proceeds of approximately £315m.

The sale comprised of a secondary placing of around 13m shares, or around 10% of the company’s current issued share capital, and a buyback by Euromoney of 19.2m of its own shares from DMGT, or around 15%.

The buyback is subject to majority approval by Euromoney’s independent shareholders at a general meeting which is expected to take place before the end of this month.

At 0918 GMT, Euromoney shares were down 9.2% to 1,017p.