Johannesburg - Cie. Financiere Richemont SA, the owner of the Cartier brand, fell the most in almost two months in Zurich trading after a shareholder sold about 7 million shares for 539 million Swiss francs ($569 million).
The shares declined as much as 3.1 percent to 77 Swiss francs, the biggest intraday decline since January 21.
That was the price at which the stake was sold, according to two people familiar with the transaction.
The stock traded 2.6 percent lower at 77.40 francs at 9:29 a.m local time.
Goldman Sachs, which is managing the placement, had originally set a price range of 76.30 francs to 77.50 a share, according to the terms obtained by Bloomberg News.
Alan Grieve, a spokesman for Geneva-based Richemont, didn’t immediately return a call seeking comment. - Bloomberg News