Cevian says co-investor exits Bilfinger fund

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FRANKFURT (Reuters) – Swedish activist investor Cevian Capital on Friday said one of its funds had slightly reduced its stake in German industrial services provider Bilfinger following a co-investor exit.

Cevian said its co-investment fund Cevian Capital II Co-Investment Fund LP had cut its holding in Bilfinger to 2.93% from 3.63%.

“This sale is a consequence of co-investment capital coming to the end of its term, and is the result of a trading mandate issued on May 20, 2021,” Cevian said, not naming the co-investor.

“The current disclosure relates solely to the co-investment vehicle and the main holding remains unchanged.”

Cevian holds 26.1% in Bilfinger, a stake worth 305 million euros ($371 million) based on the group’s market capitalisation, making it Bilfinger’s largest shareholder.

($1 = 0.8218 euro)

Reporting by Christoph Steitz; editing by Jonathan Oatis