UPDATE 1-Goldman cuts Prysmian stake to 16.8 pct

* Goldman sells 14.3 pct stake in placement

* Stake sale larger than expected

* Shares sold at 12 euros - brokers

* Shares down 7 pct

(Adds detail, shares)

MILAN, Nov 10 (Reuters) - Goldman Sachs Group Inc (GS.N) cut its stake in Italian cable maker Prysmian SpA (PRY.MI) in a larger-than-expected placement, leaving it with 16.8 percent, the U.S. bank said on Tuesday.

Goldman Sachs sold 14.3 percent, more than the 12 percent it previously said it planned to sell on Monday. Two Milan brokers said the shares were sold at 12 euros per share, below the 13-euro level reached after Prysmian's third-quarter results last week. [ID:nL5569419]

"This placement doesn't bode particularly well, in our view. Goldman's strong position in Prysmian's capital gives it access to a high level of information about the group," a broker said.

"We see its decision to reduce its stake by more than a third as a sign that it sees no upside in the coming quarters."