COPENHAGEN (Reuters) - Goldman Sachs GS.N will likely keep a stake in Danish utility DONG Energy after shares in the company are listed in the next 18 months, Michael Spect Bruun, a partner of the investment bank, was quoted saying by newspaper Borsen on Tuesday.
The government sold 18 percent of DONG to a group of investors led by Goldman in January last year, prompting public protests and the departure of the Socialist People’s Party from the ruling coalition because of what it believed was the bank’s role in the 2007-2009 financial crisis.
Spect Bruun told Borsen that Goldman is a long-term investor in DONG, Europe’s largest offshore wind farm developer. The Danish government said last Friday it intends to pursue an initial public offering (IPO) of its shares within 18 month.
Analysts expect the IPO will value the company at between 50 billion Danish crowns ($7.5 billon) and 70 billion, making it the largest ever flotation in Denmark.
($1 = 6.6747 Danish crowns)
Reporting by Ole Mikkelsen; Editing by David Holmes