Shares in Dublin-listed bakery group Aryzta were more than 9 per cent lower this afternoon on reports that Lion Capital is selling its 5 per cent stake.
At 12.40pm the stock was trading down 9.5 per cent at €20 after reports that Lion plans to sell its stake through Swiss bank Credit Suisse.
"The shares offered represent Lion Capital's entire holding in Aryzta," Credit Suisse said in a statement, adding that it had started an accelerated bookbuilding of up to 4 million shares.
Lion Capital declined to comment.
Aryzta was formed following the merger between Irish food group IAWS and Swiss baker Hiestand, Aryzta began trading in August 2008,
"The trade is going to happen over there (in Switzerland) so we just have a reflection of that in Dublin," said one Dublin-based trader.
Additional reporting Reuters
