September 10, 2008 / 12:24 PM / 10 years ago

UPDATE 1-Lehman cuts stake in BHP Billiton to less than 3 pct

(Adds details)

Sept 10 - Lehman Brothers’ LEH.N European unit cut its holding in BHP Billiton Plc BLT.L, the world’s biggest miner, below 3 percent, according to a U.S. Securities and Exchange filing made public on Wednesday.

The No. 4 U.S. investment bank, which is struggling to raise capital, had held 5.78 percent or 127.6 million shares in BHP as of last Friday. The estimated value of Lehman’s holding that day was about 1.8 billion pounds, based on BHP’s closing price of 1438 pence on the London Stock Exchange.

BHP disclosed in the filing dated Sept. 9 that Lehman cut its stake to below 3 percent but did not specify how many shares, if any, Lehman still owned.

Separately, Lehman said on Wednesday it plans to sell a majority stake in its investment management division and spin off commercial real estate assets, amid pressure to raise capital and keep the investment bank afloat. (Reporting by Sayantani Ghosh in Bangalore)

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