Groupama says to sell its 1.8 pct Saint-Gobain stake

PARIS, April 7 Mon Apr 7, 2014 12:24pm EDT

PARIS, April 7 (Reuters) - French insurer Groupama said on Monday it had launched the sale of its entire 1.8 percent stake in Saint-Gobain, Europe's biggest supplier of construction materials.

Groupama said the sale would take place via an institutional private placement.

Based on Monday's closing price, the sale of the 10.12 million shares corresponds to an amount of 459.3 million euros ($631.2 million).

($1 = 0.7277 Euros) (Reporting by Geert De Clercq and Alexandre Boksenbaum; Editing by Mark Potter)