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Groupe Bruxelles Lambert SA Announces Sale of 2.7% Stake in GDF Suez SA for EUR 1 Billion


Tuesday, 14 May 2013 03:04am EDT 

Groupe Bruxelles Lambert SA announced the sale of a total of 65 million GDF Suez SA shares, held by its 100% owned subsidiary GBL Verwaltung S.A., representing approximately 2.7% of GDF Suez's share capital and around 8% of GBL's assets. The net proceeds from the transaction exceed slightly EUR 1.0 billion. Following this transaction, GBL has a net cash position (excluding treasury shares) of EUR 0.7 billion. Total dividends expected in 2013 on the shares sold amounted before the transaction to EUR 98 million of which EUR 44 million was already received in April. The consolidated capital gain resulting from the disposal shall amount approximately to EUR 80 million and compensates the impairment of EUR 65 million recorded on the whole investment in the first quarter of 2013. Following the disposal, GBL retains 2.4 % of the share capital of GDF Suez, most of which underlies the EUR 1.0 billion exchangeable bond issued in January 2013. 

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