PARIS Feb 14 Rexel controlling
shareholder Ray Investment has completed the sale of 14.7
percent of the French electrical materials supplier, more than
the 12.9 percent it planned to sell following "strong
Ray Investment placed the 40 million shares at 16 euros
each, it said in a statement on Thursday. Ray Investment remains
Rexel's main shareholder with approximately 43.3 percent of its
share capital and voting rights.
Rexel shares were trading 1.5 percent lower at 16.18 euros
by 0907 GMT.
"Ray Investment intends to remain an active and strongly
committed shareholder of Rexel, and reiterates its support to
Rudy Provoost, CEO of the company, and its management team to
efficiently implement Rexel's growth strategy and reach its 2015
targets," Ray Investment said.
The placing was managed by Deutsche Bank and UBS through an
accelerated bookbuilding with institutional investors.
Rothschild acted as financial advisor to Ray Investment.
(Reporting by James Regan; Editing by Elena Berton)