Reuters logo
UPDATE 1-Eurazeo to exit Danone early
April 25, 2013 / 8:31 AM / 4 years ago

UPDATE 1-Eurazeo to exit Danone early

(Adds share price performance, detail)

PARIS, April 25 (Reuters) - Investment group Eurazeo is to offload its stake in French dairy group Danone ahead of schedule via an early repayment of 700 million euros ($909.7 million) in bonds convertible into Danone stock.

The early conversion of the 2014 bonds comes after a 30 percent rise in Danone’s share price in the last six months.

The move will boost Eurazeo’s pre-tax earnings this year by 131 million euros ($170.24 million), as well as bringing 4.8 million in Danone dividends, the investment group said.

Eurazeo issued the convertible bond in 2009, with global financial markets still roiled by the financial crisis. Danone shares have gained some 60 percent since that time.

Once the debt is repaid, Eurazeo will no longer have a stake in Danone for the first time since 1987. ($1 = 0.7695 euros) (Reporting by Lionel Laurent; Editing by James Regan)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below