Nexans: share price falls after a share placement

(CercleFinance.com) - Nexans shares have posted one of the biggest falls in the SBF 120 index on Friday after the group's main shareholder sold about 5% of its capital.


In a financial notice, the Chilean conglomerate Quinenco announced that its subsidiaries Invexans and Tech Pack had successfully placed nearly 2.2 million shares in the cable manufacturer.

The transaction, conducted as an accelerated private placement for institutional investors, was based on a unit price of E102, i.e.
a discount of over 6% to Thursday's closing price.

Net proceeds from the transaction are estimated at $234m.

Following this sale, Quinenco's stake in Nexans will be reduced from 19.2% to 14.2%, still making it the group's largest shareholder ahead of Bpifrance (7.7%).

This transaction comes at a time when Nexans' share price has risen by 33% since the beginning of the year, and by almost 50% over the past 12 months.

Founded 65 years ago, Quinenco is a diversified group whose main assets are its stakes in Banco de Chile, brewer CCU, Nexans and fuel and lubricants manufacturer Enex.


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