PARIS (Reuters) - French engineering company Schneider Electric (SCHN.PA) said on Wednesday it had sold its 0.45 percent stake in Europe’s No. 2 insurer AXA (AXAF.PA) for approximately 120 million euros ($150.74 million).
Schneider and AXA’s shareholder agreement ended on May 15, Schneider said. The engineering company had pledged to hold no less than 0.4 percent of AXA’s capital as part of the agreement, with AXA promising to hold no less than 1 percent of Schneider, according to Schneider’s 2010 registration document.
($1 = 0.7961 euros)
Reporting by Lionel Laurent