Goldman Sachs Group Inc. GS, -2.75% on Thursday reduced its stake in Denmark's Dong Energy A/S (DENERG.KO) further after agreeing to sell 7.5 million shares in the energy group to institutional investors. The shares--equivalent to 1.78% of Dong's existing capital--are being sold at 321 Danish kroner ($51.34) each by Goldman Sachs-controlled New Energy Investment S.a.r.l. Following the deal, New Energy Investment will hold 11,435,215 shares, or 2.7% of Dong's existing shares. Dong is majority-owned by the Danish state and its listing in June 2016 was Europe's then-biggest initial public offering, valuing the company at around $15 billion. At that time, New Energy Investment held a 13.4% stake in the company. Dong has shifted from being one of Europe's most coal-exposed utilities to become a leading developer of offshore wind power. It aims to phase out its use of coal completely by 2023. Dong also has stakes in oil-and-gas assets, with the bulk of production in Norway. Write to Dominic Chopping at dominic.chopping@wsj.com
Goldman Sachs-Controlled New Energy Investment has cut its stake in Dong Energy by 1.78% after selling 7.5 million shares in the Danish company to institutional investors. The shares were sold for DKK321 ($51.34) each. New Energy Investment retains 2.7% of Dong's share capital.