March 14, 2012 / 8:28 AM / 5 years ago

Belgian GBL gets 220 mln euros from Arkema stake sale

BRUSSELS, March 14 (Reuters) - Belgian holding company GBL said it achieved a capital gain of 220 million euros ($288.40 million) from the sale of its 10.01 percent stake in French specialty chemicals group Arkema.

GBL, which held the stake in the French company since 2006, said the net proceeds from the transaction were 432 million euros.

"It also allows GBL to optimise its financial and strategic flexibility by reducing its net debt to less than 300 million euros and 2 percent of the market value of its portfolio," the group said in a statement on Wednesday. ($1 = 0.7628 euros) (Reporting By Robert-Jan Bartunek, editing by Charlie Dunmore)

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