Wendel Sells 5.3% of Saint-Gobain -- Update
May 04 2016 - 3:29AM
Dow Jones News
(Adds detail about company's capital in third paragraph.)
By William Horobin
PARIS--French investment firm Wendel (MF.FR) said Wednesday it
has sold a 5.3% stake in construction materials group Compagnie de
Saint-Gobain SA (SGO.FR) for around 1.2 billion euros ($1.38
billion).
"This transaction significantly increases our flexibility to
seize high potential investment opportunities," Wendel Chairman
Frederic Lemoine said.
As part of the transaction, Saint-Gobain bought back 10 million
of the 30 million shares sold by Wendel, which represents about
1.8% of the company's capital. After Saint-Gobain cancels those
shares, Wendel will hold around 6.4% of Saint-Gobain and 11.1% of
the voting rights in the company. Before the transaction, Wendel
had 11.7% of Saint-Gobain shares capital and 19.3% of its voting
rights.
"Wendel remains a very significant shareholder in Saint-Gobain,"
Mr. Lemoine said.
The sale of Saint-Gobain shares will result in an accounting
loss of approximately EUR200 million for Wendel.
Write to William Horobin at william.horobin@wsj.com
(END) Dow Jones Newswires
May 04, 2016 03:14 ET (07:14 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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