Bloomberg News

Legrand Shares Drop as KKR, Wendel Scale Back Their Holdings

November 09, 2011

Nov. 9 (Bloomberg) -- Legrand SA fell the most in almost two years in Paris trading as private-equity firms KKR & Co. and Wendel reduced their stakes in the world’s largest maker of wiring devices.

Legrand dropped as much as 7.4 percent to 23.32 euros, the biggest intraday decline since Nov. 24, 2009, and was down 5.7 percent at 10:28 a.m. The stock has fallen 22 percent this year.

KKR and Wendel completed the sale of 24.3 million shares in Limoges, France-based Legrand at 24 euros a share, the companies said in a joint statement today. Following the transaction, KKR and Wendel each hold about 5.8 percent of Legrand and 10.1 percent of its voting rights, they said.

KKR, which has its headquarters in New York, and Paris- based Wendel sold a 15 percent stake in Legrand in March.

--Editors: Tom Lavell, Thomas Mulier

To contact the reporter on this story: Francois de Beaupuy in Paris at fdebeaupuy@bloomberg.net.

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.


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