Wendel - Monetizing part of its stake in Bureau Veritas
Wendel sold 40.5m shares or 9% of Bureau Veritas bringing its stake to about 26.5% and proceeds of about EUR 1.1bn.We expect proceeds to be used to fund the growth of the asset management business.Timing-wise we believe Wendel is selling at an attractive price. We also expect the market to be pleased with this news as it will allow Wendel to diversify its portfolio more.We expect a positive share price reaction but in our view the key challenge will be the reinvestment of proceeds. Recent track record in capital allocation was mixed as the company likely overpaid for CPI andWendel is an investment company specializing in acquiring long-term holdings in industrial and services companies. Co.'s activities can be divided into six main divisions. Through Bureau Veritas, Co. provides conformity assessment services and certification. Through Stahl, Co. is engaged in high performance coatings and leather finishing products. Through Saint-Gobain, Co. manufactures, transforms and distributes construction materials. Through Legrand, Co. specializes in electrical and digital building infrastructures. Through Deutsch, Co. provides high-performance connectors. Through Materis, Co. provides specialty chemicals for construction.
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