European private equity firm PAI Partners said Thursday it has sold 15 million shares in Chr. Hansen Holding A/S (CHR.KO), reducing its stake in the Danish food ingredients company to 26%.

The shares were placed at DKK115 ($20.85) apiece, in an accelerated bookbuild offer run by Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM).

The sale resulted in gross proceeds of DKK1.73 billion ($310 million) for Financiere Star 1 SA, the PAI vehicle holding the shares.

Chr Hansen debuted on the Copenhagen Stock Exchange in June 2010 at DKK90 a share. The shares opened Thursday at DKK115.4, down 5.5% on the day.

-By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451; margot.patrick@dowjones.com

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