PARIS Aug 7 Rexel's controlling
shareholder Ray Investment plans to sell a further 10 percent
stake in the French electrical equipment supplier via an
accelerated book building, it said in a statement late on
It will be the third recent sizeable Rexel stake sale by
Ray, which is controlled by Clayton, Dubilier & Rice, Eurazeo
, Bank of America Merrill Lynch and the Caisse
des Depots et Consignations du Quebec.
The 28.8 million shares slated for sale would be worth
546.76 million euros ($727.71 million) at Tuesday's closing
price. The transaction will leave Ray with 24 percent of Rexel's
share capital and voting rights.
Deutsche Bank and UBS are acting as placing agents and joint
bookrunners on the deal, which Ray said was part of a strategy
to actively manage its investments.
Rothschild is advising Ray Investment on the deal.
Ray, which said it intended to remain an active shareholder,
also sold a 10 percent stake in Rexel in early June.