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Investing.com -- Umicore shares tumbled nearly 11% to their weakest level since early October after Groep Brussel Lambert (GBL) halved its position in the Belgian metals recycler. The sale follows a strong run in Umicore stock.
GBL instructed Goldman Sachs to offload roughly 19.6 million shares—around 8% of Umicore’s equity—through an accelerated bookbuild, raising close to 300 million euros. The disposal trims GBL’s ownership from about 16% to 8%, with settlement expected on 20 November.
The share sale comes after a steep rally this year, with Umicore up around 62% as of Monday’s close, and topping the BEL 20 index in 2025.
GBL said the transaction aligns with its plan to streamline its holdings and increase its focus on private assets. The move brings the company to roughly 85% of its 5-billion-euro divestment goal under its medium-term strategy. It has agreed to a 90-day lock-up on its remaining stake and said it intends to stay a long-term backer of Umicore.
While the share price reaction was significant, Kepler Cheuvreux analyst Jon Pérez said the deal is estimated to have only a marginal effect on GBL’s net asset value (NAV), projecting a roughly 30 million euro reduction, or about 0.2% of NAV.
On a per-share basis, the impact is similarly small at around 0.22 euros, also about 0.2%.
Based on this, he expected a limited share price reaction in Umicore.
“GBL takes advantage of the positive price momentum of Umicore,” the analyst said.
“This partial sale is in line with GBL’s strategy to simplify its portfolio and recycle part of its listed portfolio into direct private investments, while the NAV per share impact should remain limited,” he noted.
Perez said the sale should rake in around 310 million euros in proceeds.