BASF's Sell-Down Removes Overhang from Harbour Energy Stock
Dow Jones09-11
0829 GMT - BASF selling down its stake in Harbour Energy removes an overhang from the stock and is positive for the London-listed energy company, Barclays analyst Lydia Rainforth writes. The sale improves the stock's free float and reduces the risk of future large block disposals, she says. A major shareholder selling down its large stake is an important step for Harbour Energy, she adds. The company remains well positioned with a growing exposure to the U.S. as well as to high oil and gas prices, she says. The sale cuts BASF's stake to 16.4% from 24.3%. Harbour's shares fall 3% to 269.4 pence.
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