Deutsche Bank left with seven per cent stake in Merlin Entertainments
Deutsche Bank has been left with a seven per cent stake in London Eye and Madame Tussauds owner Merlin Entertainments, after it offloaded a chunk of the company's stock earlier this week.
Shares in Merlin plummeted fro 425p to 419p after the bank issued a statement saying its holding had crossed a seven per cent threshold.
On Tuesday, Deutsche launched the sale of 156m shares in Merlin on behalf of buyout firms CVC and Blackstone.
The shares, which represented 15.4 per cent of the company, were placed at 417p, a 2.2 per cent discount to the company's closing price on Monday night.
Late on Monday, sources told Morning Wire that the bank was struggling to place the block trade. It is understood today's announcement by Deutsche represents an aggregate position.
CVC and Blackstone floated Merlin in November 2013 for £3.4bn and has since been selling down its stake in the group.
Deutsche Bank declined to comment.