Melinda French Gates.
Ludovic Marin/AFP/Getty Images
Melinda French Gates sold a large chunk of her investment in Canadian National Railway , and although she still has a substantial investment in the railway, her ownership level is now below a regulatory reporting threshold.
French Gates sold 3.7 million Canadian National (ticker: CNI) shares from Dec. 9-16 for $467 million, an average price per share of $127.84. According to a regulatory form filed by Cascade Investment, the vehicle of her former husband, Microsoft (MSFT) co-founder Bill Gates, French Gates now owns 20 million shares, and another 13 million shares through the Bill & Melinda Gates Foundation Trust, where she serves as a trustee.
French Gates didn’t immediately respond to a request for comment left with her company, Pivotal Ventures.
Her overall ownership of 33 million shares represents a stake of 4.7% based on 707.3 million shares outstanding. Now that her ownership level is below 5%, French Gates is no longer obligated to disclose future sales.
Bill Gates’ overall ownership of Canadian National shares stands at 81.8 million, an 11.6% stake.
Canadian National is one of a number of stocks Bill Gates had transferred ownership of to French Gates earlier this year. Their divorce was completed in August.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
