PARIS Aug 30 French investment group Wendel
is seeking new investment opportunities especially in
the U.S, its head said on Thursday, after the group published
first-half results showing a rise in sales and net income.
Following the 1.55 billion euro ($1.94 billion) sale of
electronic connectors maker Deutsch Group earlier this year,
Wendel said it was seeking acquisition targets in the U.S as
well as its usual markets of Germany, the Benelux region and
"We are very actively searching in the U.S. for Deutsch's
successors," CEO Frederic Lemoine said during a conference call.
"Our exposition to France is likely to diminish as we become
international but we do not rule out investing in France," he
Wendel said its Net Asset Value (NAV), one of its most
closely watched indicators, stood at 90.7 per share compared to
93.6 euros per share on May 24. A company's NAV is calculated by
substracting liabilities from assets and dividing the result by
the numbers of oustanding shares.
Wendel, which has holdings in several European industrial
companies including Stahl and Legrand and is a
majority shareholder in inspection company Bureau Veritas
, posted a 60.2 percent rise in group net income to
724.8 million euros.
Total sales for the period came at 3.259 billion euros,
representing a 5.1 percent like-for-like rise.
($1 = 0.7982 euros)
(Reporting by Alice Cannet; Editing by Christian Plumb)