Wendel to Sell 5.3% Stake in Saint-Gobain in Private Placement
May 03 2016 - 02:59PM
Dow Jones News
By Inti Landauro
PARIS--Wendel SA (MF.FR) Tuesday said it will sell a 5.3% stake
in French construction material maker Compagnie de Saint-Gobain SA
(SGO.FR) as the investment firm decided to focus on non-listed
assets instead.
Wendel will keep a 6.4% stake in Saint-Gobain after the
transaction that will be carried out in a private placement, the
firm said in a statement.
Saint-Gobain has said it will buy back a third of the 30 million
shares put out for sale by Wendel.
Wendel didn't specify at which price it will sell the shares but
it said it will take an accounting loss of EUR220 million on the
transaction.
Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
May 03, 2016 14:44 ET (18:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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