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UPDATE 1-Belgium's GBL selling 2.3 pct of Pernod
March 14, 2012 / 7:48 PM / 6 years ago

UPDATE 1-Belgium's GBL selling 2.3 pct of Pernod

(Adds details of sale, Pernod shares’ close)

* GBL to retain 7.5 pct of Pernod after sale

* GBL already sold its Arkema stake

PARIS, March 14 (Reuters) - Belgian holding company GBL said on Wednesday it was selling up to 6.2 million shares or 2.3 percent of the capital of French spirits group Pernod Ricard.

After the sale, an institutional private placement carried through an accelerated bookbuilding, GBL will retain 7.5 percent of Pernod Ricard, GBL said in a statement.

Pernod Ricard shares closed up 0.50 percent at 82.10 euros on Wednesday, valuing the 2.3 percent stake at 509 million euros.

Earlier on Wednesday, GBL said it made 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 .

“Following the successful sale of GBL’s stake in Arkema, this transaction forms part of the dynamic value optimization of its portfolio and increase of its financial flexibility,” the GBL statement said.

The change in GBL’s stake is not expected to affect its representation on the board of directors of Pernod Ricard.

GBL also said it entered into a lock-up agreement with the banks managing the placement relating to its remaining stake in Pernod Ricard for a minimum period of 90 calendar days. (Reporting by Dominique Vidalon; Editing by Gary Hill)

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