* Goldman sells remaining 16.8 pct in Prysmian
* Sells stake at 12.75 euro/shr-dealers
* Covered 2-3 times; mainly sold to institutions-dealers
* Prysmian shares up 3.5 pct, outperform index
(Adds detail on subscriptions, buyers, updates shares)
MILAN, March 5 Goldman Sachs Group Inc (GS.N)
sold its remaining 16.8 percent stake in Italian cable maker
Prysmian SpA (PRY.MI) on Friday, removing an overhang of stock
which had depressed its share price.
Prysmian shares rose 3.5 percent to more than the price
which dealers said the U.S. investment bank had sold its stake.
Goldman sold the stake to investors at 12.75 euros a share,
dealers said, in a process which brokers said had offered shares
in a price range of 12.50 to 13 euros.
Orders covered the offering two to three times. The 30.4
million shares were sold to institutions, except for 1.5 million
to Prysmian Chief Executive Valerio Battista, market sources
Goldman had acquired the Prysmian cable activities of
Pirelli & C PCEI.MI in 2005 in a private equity deal and has
sold down its stake. In November it placed a 14.3 percent stake
"Although the end of the overhang is a clear positive for
the stock, which may therefore rebound in the short term, we
still don't see a recovery in the company's financials," a Milan
brokerage said in a note.
Earlier this week Prysmian announced a fall in core profits,
in line with expectations, but expressed caution on the chances
of a pick-up this year. [ID:nLDE6221B3]
Shares in Prysmian were up 3.6 percent at 13.67 euros by
1524 GMT, outperforming the Italian FTSEMIB .FTMIB blue chip
(Writing by Nigel Tutt; Editing by David Holmes)