KKR to cut Willis stake

By Peta Miller, London

WILLIS majority owner, investment firm Kohlberg Kravis Roberts (KKR), is to reduce its 39% shareholding in the broker by a third, the latest of a series of secondary offerings since the firm listed last year, writes Peta Miller. KKR, via its affiliate, Profit Sharing (Overseas) Limited Partnership, is to offer a total of 20m common stock shares for sale worth about $600m at current trading prices of around $30 a share.