Rexel controlling shareholder says to cut stake
PARIS Feb 13 (Reuters) - Ray Investment, the controlling shareholder in Rexel, plans to sell a 12.9 percent holding in the French electrical materials supplier via an accelerated bookbuilding to institutional investors, it said on Wednesday.
Ray Investment said the move was part of its strategy to "actively manage its investments" and would lift Rexel's free float to 52 percent from 39 percent.
The deal will cut Ray Investment's stake in Rexel to 45.1 percent, it added.
Shares will be allocated to funds controlled by Clayton, Dubilier & Rice, Inc., Eurazeo, Bank of America Merrill Lynch and the Caisse de depot et placement du Québec, it said.
Ray Investment said it intended to remain an active and committed shareholder of Rexel and continued to back its management team.
Deutsche Bank AG and UBS have been retained as placing agents and bookrunners.
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