A major shareholder has executed a complex options strategy involving Heidelberg Materials shares, generating over €2.1 million in immediate income. The transactions include selling put options on 300,000 shares with a €145.75 strike price (expiring November 7) and writing call options on another 300,000 shares at €239.45 (February 2026 expiry), effectively creating a "collar" strategy that bets on the stock trading within this 65% range. Concurrently, 600,000 shares were pledged as collateral, signaling intricate financial maneuvering.
Paradox Amid Record Highs
The move coincides with the shareholder selling €70 million worth of Heidelberg Materials stock over two days at near-record prices (€194.83–€196.67 per share), despite the company’s strong earnings and bullish analyst sentiment. While the options strategy limits both upside and downside exposure, the timing raises questions—whether it reflects confidence in stability or liquidity needs. Market observers now watch whether demand can absorb the sell-off’s pressure as the stock continues its upward trajectory.
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