Ayvens Backers Sell $1.1 Billion Stake in Car Leaser (2)

Ayvens SA shares were steady in early trading on Tuesday after a group of investors sold a €940 million ($1.1 billion) stake in the car-leasing company.

The firm’s shares slid 1.2% to €11.20 each at 10:55 a.m. in Paris on Tuesday, staying above the price set in the share sale of €10.80 apiece. The muted share price reaction points to the removal of the overhang on the stock, as the group of repeat sellers has largely wound down their stake. Ayvens bought €275 million worth of shares in the placing as part of the group’s buyback program.

The transaction was ...