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SAP Majority Owner Sells Portion of Stock Holdings
SAP (News - Alert) has certainly had a very busy year. Just a few days ago, the company rolled out its new cloud CRM solution, basically joining the cloud services network in a very big way. The company could be uniquely positioned to be the king of the hill when it comes to this type of technology simply because it is big, yet nimble enough to handle this shift.
Moving to the cloud has turned into ‘the thing to do’ for enterprise and medium sized companies, and SAP’s CRM will enable smoother transitions. Higher ups at the company have also been doing some financial restructuring, perhaps as a way to better prepare for the New Year with one of the company’s co-founders liquidating a massive amount of shares in the company.
Hasso Plattner recently sold a wad of shares that totaled more than $155 million, divesting a portion of his portfolio. This particular sell off is being countered by a bank working with SAP, who will be placing around $15 million worth of shares every month until those shares are distributed.
"The sale will be carried out at the bank's own discretion in the stock market or over the counter, for the first time in November 2012 and then again in the months January through November 2013," SAP said in a recent statement.
Despite these moves that were geared at continuing an upward climb for SAP stock prices, the market showed that the price initially trended downward right after the divestment. It needs to also be said that while Plattner certainly dumped what would be a huge amount of shares for most normal investors, he owns more than a nine percent share of the company and even after the sales, Plattner owns shares that are worth more than $7 billion.
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Edited by Brooke Neuman