UMG falls after Ackman's Pershing reduces its stake

Shares in UMG UMG.AS fall 10% after Bill Ackman's Pershing Square PSHP.L reduced its stake in the company raising 1.3 billion euros ($1.41 billion) from the sale

Pershing is selling 50 million of UMG's ordinary shares at 26.60 euros each, a discount of 4.6% to Thursday's closing price of 27.90 euros

UMG is set to conduct a U.S. share sale by September 15 as per an agreement with Pershing Square that requires the latter to sell $500 million in connection with a U.S. listing of UMG

Pershing Square holds a 7.48% stake in UMG, according to LSEG data

Shares in Bollore SE BOLL.PA and Vivendi VIV.PA, which own a combined 27.79% stake in UMG, are down 3.7% and 5.4% respectively

If losses hold, UMG stock will see its worst day since July 2024

($1 = 0.9233 euros)