Williams suffers a reversal in Frankfurt bow

Shares in British Formula One racing group Williams slipped into reverse on their first day of trading after the company's €60 million (£51m) flotation.
By The Newsroom
Published 2nd Mar 2011, 14:46 BST
Updated 2nd Mar 2011, 20:51 BST

The group, whose team finished sixth in the F1 constructors' championships last year, listed 24 per cent of its shares on the Frankfurt stock exchange in a move that will allow co-founders Sir Frank Williams and Patrick Head to plan their eventual retirement.

The initial public offering comprised 2.4 million existing shares at €25 a piece, at the lower end of an estimated range of €24-29. Shares closed down 3.8 per cent at €24.05, valuing the whole company at about €253m.

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The majority of shares sold were owned by Head, who still holds a 9 per cent stake in the group. Williams owns just over 50 per cent, while former racing driver Christian Wolff has a 16 per cent stake.

The team - whose drivers this year will be Brazilian Rubens Barrichello and Venezuelan Pastor Maldonado - stressed Williams will stay in charge for the foreseeable future. Williams has been without a world title since 1997 and a race win since 2004.