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Commerce One stake sold
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June 14, 2000: 5:03 p.m. ET
Commerce One stock drops after Germany's SAP agrees to buy 3% stake
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NEW YORK (CNNfn) - Shares of business-to-business e-commerce company, Commerce One, fell more than 7 percent after Germany's SAP AG announced it would buy $250 million worth of shares in the firm.
Commerce One dropped 4-1/8 to 52-1/4 on the Nasdaq, which also fell Wednesday.
A spokesman for Commerce One could not immediately be reached for comment.
SAP (SAP: Research, Estimates), a global power in business software, announced at its annual Americas conference that the two companies would work together on an e-commerce marketplace suite, also known as an exchange. Internet exchanges are e-commerce sites dedicated to all aspects of a certain business.
According to the German firm, technology and applications will be provided by SAP, while both companies will be involved in delivery.
The $250 million stake represents about 3 percent of Commerce One (CMRC: Research, Estimates). The Pleasanton, Calif.-based company had sales of nearly $34 million in 1999, but posted a loss of $63 million.
SAP also made a deal with Swiss food concern Nestle to provide its software applications. All of Nestle's core business, about 230,000 employees, will have access to mySAP.com applications. Terms of the deal were not disclosed. 
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SAP
Commerce One
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