Groupe Bruxelles Lambert Sells Stake in Burberry for GBP498 Million
May 09 2018 - 4:06AM
Dow Jones News
By Maryam Cockar
Groupe Bruxelles Lambert SA (GBLB.BT) said Wednesday that the
company and its subsidiary, GBL Energy, sold a 6.6% stake in
Burberry Group PLC (BRBY.LN) for 498 million pounds ($672.9
million).
The Belgian investment company said it sold 27.6 million shares
in the British luxury clothing retailer is part of its strategy to
diversify its investment portfolio and realize a capital gain of
about GBP83 million.
Bruxelles Lambert said the capital gain will not impact its
consolidated net result following the adoption of International
Financial Reporting Standard 9, or IFRS 9.
Proceeds from the disposal will be redeployed into other
investments, the company said.
At 0730 GMT, Burberry shares were down 137 pence, or 7.3%, at
1747 pence.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
May 09, 2018 03:51 ET (07:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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