LISTED buyout company 3i yesterday cashed out its final stake in German engineering firm Norma to kick off a string of potential sales by the firm pencilled in for this year.
3i, led by chief executive Simon Borrows, has seen a drastic surge in share price since Borrows appointment, up 40 per cent this year as it moves to reorientate its business.
Yesterday the firm made €109m (£89.5m) on Norma, which it bought in 2006, after placing more than five million shares with investors at €20.50 a pop, evaporating its final 16.7 per cent stake. 3i is currently sounding out potential trade and secondary buyers for further sales, a source said last night.
Morgan Stanley has been appointed to sell the firm’s stake in Mold Masters, a Canadian plastic technology company while Rothschild is lead the sale of its small holding in French firm Labco. Rothschild is also sounding out potential buyers of British software firm Civica. 3i is also hoping to sell European ferry operator Scandline.