Wendel (MF), France’s largest publicly traded investment firm, is selling the remaining 14.4 million shares it holds in Legrand SA (LR), the firm said yesterday.
Wendel offered the shares at between 35.90 euros apiece and the market price, according to a person familiar with the matter. At that price range, the company would raise at least 517 million euros ($614 million) at the low end.
Wendel is selling the shares in an accelerated bookbuild to institutional investors, the company said in a statement. Goldman Sachs Group Inc. (GS:US) is managing the sale and acting as sole bookrunner.
Legrand shares fell 0.4 percent to trade at 37.12 euros at the close in Paris. Wendel shares rose 0.8 percent to 85.16 euros.
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