Wendel: completes Bureau Veritas share placement

(CercleFinance.com) - Wendel announces that it has placed Bureau Veritas shares in a three-year pre-funded forward sale, increasing its financial flexibility by reducing its loan-to-value ratio on a pro-forma basis to around 17%.


Thus, 30,357,140 shares in the testing, inspection and certification services group (representing around 6.7% of the capital) were placed at a price of E27.25 per share, under this forward sale agreement concluded with BNP Paribas.

At the same time, Wendel entered into a "Call Spread" transaction to benefit from up to 15% of the rise in the share price over the next three years on an amount of shares equivalent to those underlying the forward sale.

These transactions provide Wendel with immediate net cash of around E750m, which will support the acceleration of its transition to a dual business model, while continuing to benefit from the prospects of Bureau Veritas.


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