By Tess Stynes
Cobalt International Energy Inc. (CIE) said selling shareholders
are offering a combined 50 million shares of the oil-focused
exploration and production company's stock.
Shares were down 7.3% at $26.67 in recent premarket trading.
Through Tuesday's close, the stock is up 28% in the past 12
months.
The selling shareholders are affiliates of First Reserve Corp.,
Goldman Sachs Group Inc. (GS), Riverstone Holdings Ltd. (AP4.SG),
Carlyle Group LP (CG) and KERN Partners Ltd.
As a result of the offer, the Carlyle/Riverstone Funds are
expected to reduce their stake in Cobalt International to 8.5% from
12.14%, according to a filing with the U.S. Securities and Exchange
Commission. The First Reserve Funds stake would drop to 8.9% from
12.74%. Goldman Sach's stake would fall to 8.5% from 12.14% and The
Kern Fund stake would decline to 4.6% from 5.6%.
Further terms of the offer weren't disclosed.
Cobalt International, which had 411.2 million shares outstanding
as of March 31, won't receive any proceeds from the offer.
Write to Tess Stynes at Tess.Stynes@dowjones.com
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