Rubis rises after Bolloré increases stake to over 5%

Lagardere SA

26/03/2024 10:23

** Shares in Rubis  RUBF.PA  rise almost 6% after French
businessman Vincent Bolloré increased its stake in the French
liquid products distributor to over 5%
    ** Bolloré's stake in Rubis, which now exceeds the
thresholds of 5% of the capital and voting rights at 5.03%,
comes through Plantations des Terres Rouges, which Bolloré
controls, said the Financial Markets Authority (AMF) in a
statement on Monday
    ** Portzamparc sees this as a financial investment, says the
stock seems undervalued and offers a high yield of above 7%
    ** "Rubis is a partnership limited by shares, a status which
did not prevent Bolloré from taking control of Lagardère
 LAGA.PA , but under special conditions (high level of debt of
the Lagardère family holding company)", Portzamparc notes
    ** Bolloré's intentions are unknown at this stage and there
has been no particular contact between Rubis and him, the broker
says
    ** Bolloré is not likely to take control of Rubis in the
short/medium term, says Oddo, upgrading its rating to
"outperform" from "neutral"
    ** The group is among the top performers of pan-European
STOXX 600 index  .STOXX , with share price at highest level
since Feb 2022 at 29.70 euros

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))