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Blackstone sells €242m German glass maker stake

The publicly traded US firm has exited its remaining stake in Gerresheimer after the share price has fallen off its initial public offering level last year.

The Blackstone Group has sold its remaining 25 percent stake in German glass maker Gerresheimer for €241.8 million ($385.9 million).

The firm has sold 7.8 million shares to various institutional investors, following the company’s initial public offering in June 2007, at €31 per share, according to a Blackstone spokeswoman.

The company was trading at €33.78 per share at press time, slightly above yesterday’s closing price, having initially dropped down to the sale price of around €31 per share at the start of trading.

The Gerresheimer IPO raised €1 billion last year when the company floated at €40 per share. 

Blackstone acquired Gerresheimer in 2005 from JPMorgan Partners, the captive arm of the US bank, and Investcorp, the Bahrain investment firm, for an undisclosed sum.