Wendel sells 10% stake in Bureau Veritas

Listed investment house Wendel has sold a 10% stake in Bureau Veritas, a certification company. The placement resulted in 11 million shares being sold at EUR25 each, increasing the free float of the company to around 30%. This operation was led by Deutsche Bank and Societe Generale through an accelerated book building which found high demand.

Wendel, which has been a majority shareholder since 1995, retains a 51% stake in the company and has stated that it is committed to holding its position for a minimum of six months.

Wendel also plans to subscribe to Saint-Gobain's capital increase for 8.3 million shares. The investor completed the sale of 25 million Saint-Gobain warrants valued at EUR1.2 each to institutional investors in a private placement.

The capital increase would see Wendel hold 18.3% of Saint-Gobain's capital and 17.8% of its voting rights. The placement, led by Calyon and Nomura, was significantly oversubscribed.

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