(Reuters) – Bolloré shares rose on the Paris Stock Exchange on Friday after the conglomerate announced on Thursday evening the delisting of three of its subsidiaries, as part of a plan to rationalise and simplify its structures.
At 11:25 GMT, the share price of the conglomerate majority controlled by the Bolloré family was up 5.88%, leading the SBF 120 index, which was up 0.29% at the same time.
The stock is on track for its best session since March 15, 2023, when it closed up 8.3%.
The holding company said in a statement on Thursday that it intended to implement three public withdrawal offers, followed by mandatory withdrawals on the shares of Compagnie du Cambodge, Financière Moncey and Société Industrielle et Financière de l’Artois.
This operation will allow the holding company to take full control of the three subsidiaries and withdraw them from the stock market in order to reduce administrative and management costs.
The offers will be payable in cash, Universal Music shares or a combination of both and will be submitted to the shareholders of the subsidiaries to vote at an extraordinary general meeting on October 21, 2024, Bolloré said.
Bolloré is thus proposing a price of 93 euros per Compagnie du Cambodge share, 118 euros per Financière Moncey share and 9,300 euros per SIF Artois share, with premiums ranging from 27% to 71% compared to the 1-month weighted average price on September 11, 2024.
(Written by Diana Mandiá, with Clément Martinot, Stéphanie Hamel and Dominique Patton, edited by Kate Entringer)
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