May 6, 2014 / 6:02 PM / 3 years ago

Wendel says to sell 4.3 pct of Saint-Gobain

PARIS, May 6 (Reuters) - French investment group Wendel on Tuesday said it planned to sell a 4.3 percent stake in Saint-Gobain, Europe's biggest supplier of construction materials, for about 1 billion euros, through an accelerated bookbuilding process.

Wendel said it would retain a stake of around 12 percent in Saint-Gobain after the transaction and 20 percent of its voting rights.

"At this level of ownership, Wendel's intention is to remain Saint-Gobain's largest shareholder for the long term," the company said in a statement. (Reporting by Astrid Wendlandt)

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