Paolo and Nicola Bulgari have sold 5.9 million shares in the jewelry company their family has owned for more than 100 years.

Despite the sale of 2 percent of the company, the Bulgari family retains about 52 percent of the company, The Wall Street Journal reported Tuesday. Family shareholders include Paolo and Nicola Bulgari and their nephew, Chief Executive Francesco Trapani, who is allied in a shareholders pact with his uncles and approved Tuesday's deal.

Credit Suisse First Boston will place the sales, which have a market value of about 50 million euro or $66.4 million. Bulgari shares have risen 24 percent since mid-August, according to the Journal, following strong sales and a 50 percent jump in profit for the third quarter.

Source : National Jeweler Daily News

www.nationaljeweler.com

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