FDJ: share price falls after Crédit Agricole placement

(CercleFinance.com) - Française des Jeux (FDJ) shares lost nearly 5% on the Paris Bourse on Wednesday morning after Crédit Agricole Assurances announced that it had sold a stake of around 2.
2% in the company.

The green bank's insurance arm said it had placed 4.073,436 ordinary shares to qualified investors through an accelerated bookbuilding process.

The sale price was set at €36.6 per share, a 6.8% discount to FDJ's closing price of €39.3 on Tuesday.

In a press release, Crédit Agricole Assurances - which recalls that it has been a shareholder in the gambling specialist since its IPO in November 2019 - explains that the placement is part of its strategy to 'rationalize' its investment portfolio.

At yesterday's closing price, FDJ shares had gained around 97% since their IPO.

Following the placement, Crédit Agricole Assurances will still hold 3.3% of the capital and 4.5% of the voting rights, and will continue to sit on the company's Board of Directors.

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