Lilly Endowment to Sell $2-Billion in Company Stock
July 24, 2006 | Read Time: 1 minute
In an effort to diversify its investments, the Lilly Endowment plans to sell about $2-billion of its holdings in Eli Lilly and Company stock by 2010, reports The Indianapolis Star.
Virtually all of the foundation’s holdings are now invested in the Lillly company, whose founder created the Lilly Endowment.
Stock in the company has lost almost of half of its value since 2000. The endowment, in Indianapolis, holds more than 140 million shares, and its assets were worth $8.4-billion at the end of 2005, reports the Associated Press.
The sale of the company stock is the first since the endowment was founded in 1937, but will not change its status as top shareholder in the company, the Star reports. The endowment has a 12.7 percent ownership stake in Eli Lilly.
