Acromas Bid sells 13% stake in Saga

Acromas Bid Co has sold a 13% stake in UK insurer Saga in a share placing run by Bank of America Merrill Lynch and JPMorgan Cazenove.

Acromas sold 145m shares at 200p each, which was more than the 112m it had originally intended to sell.

Following the settlement of the placing, which is expected to take place on 4 December, Acromas will hold around 32% of Saga’s issue share capital.

Acromas, which is the largest shareholder in Saga, had already sold a 6% stake in February, 11% in May and 6% in July.

At 0838 GMT, Saga shares were down 5.3% at 201p.