Harbour Energy slumps as BASF sells 80m shares in placing

(Sharecast News) - Harbour Energy slumped on Friday after German chemicals firm BASF sold 80m shares in the company in a placing. The shares were sold at 273p each, which is a 9% discount to the closing share price on Thursday.

Morgan Stanley, which acted as BASF's sole bookrunner in connection with the placing, said the company had originally planned to sell around 60m shares, but the amount was increased due to strong demand.

At 0850 GMT, the shares were down 5.5% at 283.43p.