March 11, 2014 / 7:01 PM / 4 years ago

French state fund Bpifrance to cut stake in Valeo

PARIS, March 11 (Reuters) - French car parts maker Valeo said on Tuesday state investment fund Bpifrance, its biggest shareholder, had decided to sell part of its stake in the company.

A Valeo spokeswoman said Bpifrance had began the process of selling about 2 million shares or 2.5 percent of the company’s capital in a private placement. That would leave Bpifrance with 3.3 percent in Valeo. Valeo’s shares closed at 101.1 euros on Tuesday.

“I am grateful to Bpifrance Participations for having taken a stake in our capital at a key moment in Valeo’s history, in the midst of the crisis in 2009,” Valeo’s CEO Jacques Aschenbroich said in a statement.

Reporting by Laurence Frost, writing by Maya Nikolaeva; Editing by Andrew Callus

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