Belgium's GBL Sells 2.3% Stake In France's Pernod Ricard
March 15 2012 - 5:02AM
Dow Jones News
Groupe Bruxelles Lambert (GBLB.BT), the holding company of
Belgian billionaire Albert Frere, late Wednesday said it privately
placed a 2.3% stake in French spirit maker Pernod Ricard SA
(RI.FR).
This sale transaction optimizes the value of GBL's portfolio and
increases its financial flexibility, following the sale of GBL's
stake in French chemical group Arkema (AKE.FR), Frere said in a
statement.
The Belgian holding company didn't specify at what price it
offered its Pernod Ricard shares, which had gained more than 30%
between a low point in late August and Wednesday.
GBL will retain a 7.5% stake in Pernod Ricard and expects its
representation on Pernod Ricard's board to remain unchanged, the
statement said.
"In the context of this market transaction, GBL entered into a
lock-up undertaking with the banks managing the placement relating
to its remaining stake in Pernod Ricard for a minimum period of 90
calendar days," the statement said.
Earlier Wednesday, GBL said it had sold a 10.01% stake in Arkema
for EUR432 million.
Pernod Ricard shares opened 33% lower Thursday.
-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740;
inti.landauro@dowjones.com
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