By Joe Hoppe

 

U.K. Government Investments Ltd. said Thursday that it intends to sell part of its shareholding in NatWest Group PLC over the course of a year through a pre-arranged trading plan.

UKGI --which holds the stake on behalf of the British government after NatWest's state-backed bailout in 2008-- said that up to 15% of the aggregate total trading volume in the company will be sold over the duration of the plan, beginning August 12 and ending Aug. 11, 2022. The UKGI currently holds a 54.7% stake in the company, or 6.34 billion shares.

The trading plan will be managed by Morgan Stanley & Co. International PLC, which has been instructed to sell the shares at a price that represents fair value for the company and the U.K. taxpayer. The UKGI said it will also keep other disposal options open, including directed buybacks and accelerated bookbuilds.

Goldman Sachs International is acting as privatization adviser and Freshfields Bruckhaus Deringer LLP is acting as legal counsel to UKGI.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

July 22, 2021 02:37 ET (06:37 GMT)

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