Financial information business Euromoney saw its share price drop nine per cent on Friday morning as Daily Mail and General Trust (DMGT) revealed details of its plans sell part of its stake in the company. DMGT’s share price fell two per cent also after the company, which publishes the Daily Mail, said it plans to raise £315m from the sale of part of its shareholding. DMGT intends to reduce its stake in Euromoney Institutional Investor from 67 per cent to 49 per cent, through the sale of 32.3m shares at 975p each. Announcing the sale on Thursday evening, new DMGT chief executive Paul Zwillenberg said: “It’s 47 years since DMGT backed an entrepreneurial, journalistic vision and launched Euromoney from the city pages of the Daily Mail newspaper.
“This new relationship is good for Euromoney and good for DMGT: Euromoney now has greater flexibility to use its own balance sheet to pursue acquisitions and accelerate its strategy.”