Bollore shares rise after announcing buyout offers for subsidiaries (updated)

Financiere Moncey SA

13/09/2024 11:49

(Updates share move and first paragraph, adds milestone and
further details from paragraph 3)
       Sept 13 (Reuters) - Shares in Bollore  BOLL.PA  rose as
much as 7.2% on Friday, topping the SBF 120 index  .SBF120 ,
after the French holding company announced on Thursday buyout
offers for three subsidiaries, part of plans to retake full
ownership and delist the firms.
    French billionaire Vincent Bollore's holding company said in
a release it would launch tender offers for Compagnie du
Cambodge, Financiere Moncey, and Societe Industrielle et
Financiere de l'Artois (SIF Artois), payable in cash, UMG
 UMG.AS  shares, or a combination of both.
    The company is aiming to take full ownership of the three
subsidiaries and delist them in order to reduce administrative
and management costs.
    Shares were on track for their best day since March 15,
2023, when they closed 8.3 % higher. 
    The offers will be submitted to vote to the subsidiaries'
shareholders during an extraordinary general meeting on Oct. 21,
2024.
    Bollore is offering 93 euros ($103.11) per Compagnie du
Cambodge share, 118 euros per Financiere Moncey share and 9,300
euros per SIF Artois share.
    The offers' completion will be subjected to the French
markets regulator's clearance.
 ($1 = 0.9020 euros)

 (Reporting by Clément Martinot, Stéphanie Hamel and Dominique
Patton; Editing by Mark Potter and Alex Richardson)
 ((stephanie.hamel@thomsonreuters.com))