Belgian holding Groupe Bruxelles Lambert (GBLB.BT) Tuesday said
it successfully sold a 2.7% stake in French power group GDF Suez
SA's (GSZ.FR) capital, or 65 million shares, for a net proceed
slightly above one billion euros ($x.x billion)
MAIN FACTS:
- Following this transaction, GBL has a net cash position
(excluding treasury shares) of EUR0.7 billion. Total dividends
expected in 2013 on the shares sold amounted before the transaction
to EUR98 million of which EUR44 million was already received in
April.
- The consolidated capital gain resulting from the disposal
shall amount approximately to EUR80 million and compensates the
impairment of EUR65 million recorded on the whole investment in the
first quarter of 2013.
- Following the disposal, GBL retains 2.4% of the share capital
of GDF Suez, most of which underlies the EUR1 billion exchangeable
bond issued in January 2013.
- "GBL believes in the outlook of GDF Suez and fully supports
its transformation and the strategic priorities announced by the
group, in which it retains a significant stake that represents for
GBL an important participation. GBL reiterates its full confidence
in Gérard Mestrallet and his team and will continue to actively
support the company's strategy based on growth and value creation,"
GBL's chief executive Albert Frère said in a statement.
- GBL aims at building a portfolio of investments focusing on a
small number of industrial companies that are leaders in their
markets. The portfolio is intended to evolve over time as companies
mature and market opportunities arise. GBL invests and disinvests
according to its objectives of value creation and maintenance of a
solid financial structure and confirms its policy of continuous
dividend growth, M. Frère also said.
- The sale of 2.7% of the share capital of GDF Suez is
consistent with the defined strategy to optimize the portfolio
balance among sectors and the financial flexibility. The successful
transactions completed over the last year helped GBL return to a
positive net cash position.
- GBL said it intends to redeploy its positive cash position by
making selective and diversified investments in companieswhere GBL
will be in a position to exercise its role of long term strategic
professional shareholder.
- Write to Geraldine Amiel at geraldine.amiel@dowjones.com;
Follow on Twitter @GeraldineAmiel;
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