By Geraldine Amiel
Belgian holding group Groupe Bruxelles Lambert SA (GBLB.BT) said
it has sold a 0.3% stake in French oil and gas major Total SA (TOT,
FP.FR), for proceeds of around 360 million euros ($483
million).
The stake was held by its GBL Energy unit which now holds a 3.6%
stake in the French oil company, valued at EUR3.8 billion, Groupe
Bruxelles Lambert said. It noted the stake contributes 26% to its
adjusted net assets.
The holding company didn't say how the stake was sold.
Groupe Bruxelles Lambert, which belongs to Belgian billionnaire
Albert Frere, has gradually decreased its stake in Total over the
past two years, as it reshuffles its financial portfolio toward
different investments. Yet, it insisted the remaining stake in the
oil major remained a "strategic participation."
The disposal of the shares means the combined stake of Groupe
Bruxelles Lambert along with pact partner Frere-Bourgeois and CNP,
which own 1.4% of Total's capital equity, has fallen below the 5%
threshold, the group added.
Write to Geraldine Amiel at geraldine.amiel@wsj.com
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