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Wednesday, January 19, 2011

Kardan unit to sell GTC stake -sources, (KARD), (KRNV), (GTCE)

A unit of the Amsterdam-based Kardan (KARD.AS) (KRNV.TA) is close to selling its 15 percent stake in Warsaw-listed real estate firm GTC (GTCE.WA) for 21.5 zlotys ($7.48) per share, three sources told Reuters. The Kardan unit, which is called GTC Real Estate Holding, gathered bids from interested parties, but came up with less than the 22-23 zlotys which some investors were bidding earlier on Wednesday. [ID:nWAW000036] Earlier on Wednesday, GTC said that GTC Real Estate Holding wanted to cut its stake to 28 percent. [ID:nLDE70I0B0] GTC shares fell nearly 10 percent to 22 zlotys each, valuing the company at 4.8 billion zlotys ($1.67 billion). (Reporting by Adrian Krajewski and Piotr Bujnicki. Additional reporting by Maciej Onoszko. Editing by Robert MacMillan)

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