Sodexo: simplified structure with the sale of Sofinsod
(CercleFinance.com) - Sodexo announced on Wednesday that it will simplify its shareholder structure by selling its stake in Sofinsod to the Bellon holding company, with all proceeds going to shareholders.
In a press release, the foodservices group explains that it has made an offer in recent weeks to sell Sofinsod to Bellon SA, which has accepted it.
Sofinsod, a 100% Sodexo holding company, owns 19.6% of Bellon SA, the holding company of the Bellon founding family and a major shareholder in Sodexo groups such as Pluxee.
The transaction values 100% of Sofinsod's shares - whose only asset is its 19.6% stake in Bellon SA - at E918m.
By way of comparison, Sofinsod was valued at E751m in the group's latest results.
The sale price will be distributed in full to Sodexo shareholders in the form of an interim dividend of E6.24 per share, to be paid by 29 August.
This amount represents 8% of the group's market capitalisation.
According to analysts, these operations were necessary in order to close the valuation gap with the British company Compass, and to enable a revaluation on the stock market.
Following this restructuring, Sodexo shares were up 2.2% on Wednesday morning, making them one of the strongest performers on the SBF 120 index.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
In a press release, the foodservices group explains that it has made an offer in recent weeks to sell Sofinsod to Bellon SA, which has accepted it.
Sofinsod, a 100% Sodexo holding company, owns 19.6% of Bellon SA, the holding company of the Bellon founding family and a major shareholder in Sodexo groups such as Pluxee.
The transaction values 100% of Sofinsod's shares - whose only asset is its 19.6% stake in Bellon SA - at E918m.
By way of comparison, Sofinsod was valued at E751m in the group's latest results.
The sale price will be distributed in full to Sodexo shareholders in the form of an interim dividend of E6.24 per share, to be paid by 29 August.
This amount represents 8% of the group's market capitalisation.
According to analysts, these operations were necessary in order to close the valuation gap with the British company Compass, and to enable a revaluation on the stock market.
Following this restructuring, Sodexo shares were up 2.2% on Wednesday morning, making them one of the strongest performers on the SBF 120 index.
Copyright (c) 2024 CercleFinance.com. All rights reserved.