De Nora plunges after Snam cuts stake at discounted price

** Shares in Italy's Industrie De Nora DNR.MI fall more than 12% after gas grid operator Snam SRG.MI sold a 5% stake in the electrode maker via an accelerated book-building process

** Snam unit Asset Company 10 sells around 10 million De Nora shares at a discount of 9.5% compared to Monday's closing price, cutting its stake to 16.6% and generating proceeds of around €67 million ($77 million)

** Shares in De Nora hover at €6.46 at 0835 GMT, slightly below the placement price of €6.69 per share

** Snam's residual stake "represents a potential overhang, which could weigh on the stock after the expiration of the 90-day lock-up period", says broker Banca Akros

** Including Tuesday's fall, the stock is down more than 11% YTD

($1 = 0.8725 euros)