PARIS Feb 13 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
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
Deutsche Bank AG and UBS have been retained as placing agents