for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Knorr Bremse drops after investor Thiele sells 10 mln shares

BERLIN, Sept 11 (Reuters) - Shares in Knorr-Bremse fell 6.8% in early trade on Friday after majority investor Heinz Hermann Thiele sold 10 million shares in the German brakes maker.

Morgan Stanley late on Thursday said it had placed the shares through an accelerated bookbuild offering to institutional investors at a price of 100 euros per share.

Shares in the company were trading at 101.50 euros in early trade.

Thiele will retain a majority stake in the company and remains committed to Knorr-Bremse in the long-term, the statement said.

Proceeds from the stake sale will be used to support Thiele’s other investments, it added.

“Shares nearly fell to 100 euros level after-hours and it seems as price range was adjusted downwards,” one trader said, adding Thiele might need money for German airline Lufthansa , in which Thiele is a major shareholder.

Reporting by Caroline Copley in Berlin and Hakan Ersen in Frankfurt; editing by Thomas Seythal

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up