FRANKFURT, June 24 (Reuters) - German capital group Franz Haniel & Cie on Monday said it will cut its shareholding in business equipment firm TAKKT AG from 70.44 percent to as low as 50.01 percent thorough a share placement.
Franz Haniel will place up to 13.4 million shares with institutional investors, with bookbuilding set to commence immediately.
Bookbuilding is expected to end on 27 June 2013 and will include an overallotment option for up to 1.2 million shares, Haniel said.
The placement price is expected to be determined on 27 June 2013 on the basis of the bookbuilding process. (Reporting by Edward Taylor; editing by Patrick Graham)