February 14, 2013 / 9:16 AM / in 5 years

Rexel controlling shareholder sells 14.7 pct stake

PARIS, Feb 14 (Reuters) - Rexel controlling shareholder Ray Investment has completed the sale of 14.7 percent of the French electrical materials supplier, more than the 12.9 percent it planned to sell following “strong institutional demand”.

Ray Investment placed the 40 million shares at 16 euros each, it said in a statement on Thursday. Ray Investment remains Rexel’s main shareholder with approximately 43.3 percent of its share capital and voting rights.

Rexel shares were trading 1.5 percent lower at 16.18 euros by 0907 GMT.

“Ray Investment intends to remain an active and strongly committed shareholder of Rexel, and reiterates its support to Rudy Provoost, CEO of the company, and its management team to efficiently implement Rexel’s growth strategy and reach its 2015 targets,” Ray Investment said.

The placing was managed by Deutsche Bank and UBS through an accelerated bookbuilding with institutional investors. Rothschild acted as financial advisor to Ray Investment. (Reporting by James Regan; Editing by Elena Berton)

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