ICEC

France decreases state’s stake in Engie to 24.1%

The French government announced late Tuesday that it sold 111 million shares in Engie SA (ENGI.FR) to institutional investors and the company itself for €1.53 billion ($1.82 billion).

The shares represent 4.56 percent of Engie’s total capital.

France’s state investment agency said it placed 99.9 million shares at €13.80 each to institutional investors and sold 11.1 million shares to the energy company at the same price.

The government’s stake in Engie has been reduced to 24.1 percent and its voting rights to 27.6 percent. It remains Engie’s main shareholder and will continue to guide the group through its strategic transformation.

Engie said the shares acquired will be used for employee savings plans in a bid to involve staff in the company’s transformation, adding that this will also limit the dilution associated with the operations.

Source: MarketWatch

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