Umicore (UMI.BR) Stock Drops 11% as Major Investor Sells Half Its Position

TLDR

• Umicore shares dropped nearly 11% after Belgian holding company GBL sold half its stake through an accelerated bookbuild
• GBL offloaded 19.6 million shares (8% of Umicore’s equity) at 15.35 euros per share, raising about 300 million euros
• The sale cuts GBL’s ownership from 16% to 8%, with the company agreeing to a 90-day lock-up on its remaining stake
• Umicore stock had rallied 62% year-to-date as of Monday’s close, topping the BEL 20 index in 2025
• GBL stated the transaction aligns with its strategy to streamline holdings and focus on private assets

Umicore stock fell nearly 11% on Monday after Groep Brussel Lambert sold a large chunk of its holdings in the Belgian metals recycler.

The drop marked Umicore’s worst trading day since March 2020. Shares hit their lowest level since early October.

GBL instructed Goldman Sachs to sell roughly 19.6 million shares through an accelerated bookbuild. The transaction represents about 8% of Umicore’s total equity.

The shares were priced at 15.35 euros each. That’s an 8.8% discount to Umicore’s Monday closing price of 16.83 euros.

The sale raised close to 300 million euros for GBL. Settlement is expected on November 20.

GBL’s ownership in Umicore dropped from approximately 16% to 8%. The Belgian holding company has agreed to a 90-day lock-up period on its remaining stake.

Strategic Portfolio Shift

GBL said the move fits with its plan to streamline its portfolio. The company wants to increase its focus on private assets.

The divestment brings GBL to roughly 85% of its 5-billion-euro target under its medium-term strategy. GBL confirmed it intends to remain a long-term supporter of Umicore despite cutting its position.

KBC Securities analysts said the timing made sense. They noted Umicore’s share price had recovered sharply this year.

The stock had gained around 62% as of Monday’s close. Umicore was the top performer on Belgium’s BEL 20 index in 2025 before the selloff.

Limited Impact on GBL

Pérez estimated the deal would have only a marginal effect on GBL’s net asset value. He projected a reduction of roughly 30 million euros, or about 0.2% of NAV.

On a per-share basis, the impact is similarly small at around 0.22 euros. That’s also about 0.2% of GBL’s value.

Based on these numbers, he expected a limited share price reaction in GBL stock. GBL shares fell just 0.68% on the day.

Pérez said the sale aligns with GBL’s strategy to recycle part of its listed portfolio into direct private investments. The NAV per share impact should remain minimal, he noted.

The analyst estimated the transaction should generate around 310 million euros in proceeds for GBL.

Umicore shares fell to the bottom of Belgium’s BEL 20 index on Monday. The index itself dropped 1.10% during the session.

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