Credit Suisse Sells Final 7% Stake in Aberdeen

July 30, 2012

On July 3, 2012, Foxbusiness.com reported that Credit Suisse Group AG (NYSE:CS) had sold its remaining 7% stake in Aberdeen Asset Management PLC (LSE:ADN) for £200 million.

On July 3, 2012, Foxbusiness.com reported that Credit Suisse Group AG (NYSE:CS) had sold its remaining 7% stake in Aberdeen Asset Management PLC (LSE:ADN).  Credit Suisse, a Zurich-based financial services company, reportedly shed its remaining interest in Scotland-based investment management group Aberdeen, placing 80.4 million shares on the market for a total of £200 million ($313.8 million).  In addition to proceeds, Credit Suisse will receive dividends from the shares sold.  The sale capped a three-year deal between Credit Suisse and Aberdeen beginning in December 2008, when Credit Suisse announced its intention to acquire new shares issued by Aberdeen in return for its UK and other asset management businesses.  Having taken a 24.9% stake in Aberdeen in this initial transaction, Credit Suisse thereafter made gradual disposals of Aberdeen’s shares until this final sale of its remaining 7% stake. 

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Investment Manager Strategic Investments, Transactions