Chile's Quinenco expects $65 million bump from Nexans stake sale

Nexans SA

22/11/2024 15:44

SANTIAGO, Nov 22 (Reuters) - Chilean business group
Quinenco expects its sale of a 5% stake in French cablemaker
Nexans to translate into around $65 million in proceeds, it said
on Friday.
    Quinenco  QUINENCO.SN , a conglomerate owned by the Luksics,
one of Chile's wealthiest families, said in a filing that its
subsidiaries Invexans Limited and Tech Pack had sold 2.2 million
shares in Nexans  NEXS.PA  through a private placement to
institutional investors.
    The sale has a net value of $234 million, but Quinenco said
that after taxes, sale costs and other expenses it should bring
in approximately $65 million for the Chilean firm.
    Shares in Nexans pared their losses to around 2.5% in
afternoon trading in Paris, after sliding around 4% right after
the sale announcement, while Quinenco's were nearly flat in
Santiago. 
    Quinenco subsidiary Tech Pack sold all its shares in Nexans,
the Chilean firm said, bringing its total stake in the
cablemaker down to 14.2%.
    Invexans, meanwhile, accepted a 90-day lock-up period in
which it must hold on to its remaining Nexans shares, Quinenco
said. 

($1 = 0.9591 euros)

 (Reporting by Manuel Farías; Aditional reporting by Aida
Pelaez-Fernandez; Editing by Kylie Madry and Alistair Bell)
 ((Aida.Pelaez-Fernandez@thomsonreuters.com;))