RYCEY Rolls Royce Holdings PLC (PK)

By Joe Hoppe

Rolls-Royce Holdings PLC shares slumped on Thursday after hedgefund AKO Capital LLP offloaded its 5.2% stake in the manufacturer.

Shares at 1347 GMT were down 28.2 pence, or 8.15%, at 317.7 pence.

AKO Capital's sale of around 96.7 million shares in the British aircraft-engine maker sent shares down, with prices dropping as low as 303.2 pence over the course of the session. Rolls-Royce shares had climbed around 10% over the last five days, as the aerospace market had bounced on the relaxing of travel restrictions in countries including Germany and Spain.

Rolls-Royce--the worst-performing U.K. blue-chip on Thursday--said on May 20 that it was looking to restructure its business and particularly its civil aerospace sector, axing up to 9000 jobs and generating annualized savings of more than 1.3 billion pounds.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

May 28, 2020 10:18 ET (14:18 GMT)

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