BRUSSELS, March 14 (Reuters) - Belgian holding company GBL said on Wednesday it would sell a 2.3 percent stake in French spirits giant Pernod Ricard to institutional investors.
The group said it would retain a 7.5 percent stake in Pernod, the world's second-biggest spirits group behind Britain's Diageo, and said the sale should not impact its representation on the board of directors.
The group said earlier on Wednesday that it had made a 220 million euros ($286.57 million) capital gain on the divestment of its stake in French specialty chemicals group Arkema .
"This transaction forms part of the dynamic value optimisation of its portfolio and increase in its financial flexibility," GBL said in a statement.
GBL said it would communicate the result of the sale at a later stage. ($1 = 0.7677 euros) (Reporting By Robert-Jan Bartunek; Editing by Tim Dobbyn)