Wendel edges up on monetizing part of its stake in Bureau Veritas

Wendel SE

05/04/2024 08:54

** Shares in Wendel  MWDP.PA  edge up 0.8%, while Bureau
Veritas  BVI.PA  drops 2.6%
    ** French investment company Wendel completes the sale of 9%
of Bureau Veritas'  BVI.PA  share capital, raising about 1.1 bln
euros ($1.19 bln) in gross proceeds
    ** Degroof Petercam analyst Joren Van Aken says timing-wise,
Wendel is selling at an attractive price that will allow it to
diversify its portfolio more
    ** "The key challenge will be the reinvestment of proceeds,"
analyst adds
    ** As part of Wendel's placement, Bureau Veritas bought back
0.8% of its share capital for about 100 mln euros
    ** Wendel's stock is among top gainers on SBF 120 Index
 .SBF120  (down 1.28%)
 
 ($1 = 0.9230 euros)

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))