German chemical distributor Brenntag AG (BNR.XE) successfully placed around 11 million shares with institutional investors for EUR60.75 per share, or a transaction volume of EUR668 million, the majority shareholder Brachem said Friday.

That represents a stake of around 21% in Brenntag.

Brachem, the investment vehicle of BC Partners, Bain Capital and Goldman Sachs, also said the free float of Brenntag shares rose to just over 50%, from around 29% before the placement.

Brachem's stake fell to 49.61% following the placement.

At 1059 GMT, Brenntag's shares, listed on the MDAX, were trading at EUR61.88, up 1.4%. The shares were placed via Deutsche Bank AG.

-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500; djnews.frankfurt@dowjones.com
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