UPDATE 1-CDC, CNP, Sofina buy some Suez shares from Agricole

Mon Jan 14, 2008 1:35pm EST
 
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PARIS, Jan 14 (Reuters) - French utility Suez (LYOE.PA) on Monday said state-owned bank CDC, insurer CNP (CNPP.PA), and Belgian holding company Sofina (SOF.BR) had jointly bought a third of the Suez shares sold by Credit Agricole (CAGR.PA).

"Following Credit Agricole's decision to dispose of its holding in Suez, three major Suez shareholders ... have strengthened their Suez equity positions by buying a third of the shares sold," Suez said in a statement.

Credit Agricole said earlier it raised 1.1 billion euros ($1.64 billion) through the sale of 1.88 percent of Suez.

The bank sold 24.6 million shares and said an over-allotment could boost this to 27.0 million shares worth 1.2 billion euros.

"Furthermore, Sofina has also decided to join the Suez Environnement shareholder pact," Suez said, adding that, following these operations, the equity positions to be held by Suez and its major shareholders in water arm Suez Environnement remain unchanged.

Suez is due to spin off its water and waste-management business as part of its planned merger with Gaz de France GAZ.PA.

The merged group will retain 35 percent of the environment arm, and has agreed with big shareholders representing about 12 percent of its capital to hold onto their Suez Environnement shares for a period of three years.

Suez's main shareholders are Albert Frere's GBL (GBLB.BR) investment group, nuclear reactor group Areva (CEPFi.PA) and CDC. (Reporting by Marie Maitre; Editing by Quentin Bryar)

 
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