NewsThe European elections are approachingBecause funds are already overloaded read belowThis type of event is it usefulVery usefulAs in Banco Sabadell EUR 7 billion BBVA 5Its net banking product GNP increased by 4ON intends to make its beachhead in FranceThere are hypotheses that have not been studiedIf the number of clients Free ADSL from 1The community of Grand Lyon has available land is an excellent alternative for those who taken hardly the meatFirst shareholder of the Group of materials and trades for habitat with 21.3 of the capital, the investment Wendel company not make only partially to the capital increase of EUR 1.5 billion launched Friday by Saint-Gobain. Yesterday subscription (announced) and yesterday de de () () announced des bons de de qui en effet dans un bref communiqué qu' il souscrira à 30. qui en effet dans un bref communiqué qu' il souscrira à 30. who in a brief press release that it "make 30".", in a difficult environment, the Saint-Gobain Group".
Having regard to the terms of the capital increase each shareholder may subscribe for 2 new for 7 shares held, and it will be given to him for this rights, or purchase of stock (BSA) with an exercise price of these BSA from 14 per new share, Wendel, as other Saint-Gobain shareholders, had three options: exercise the BSA to acquire securities to 14 euros; do not subscribe to the operation and sell the BSA; Finally, selling a portion of its BSA to finance the purchase of new titles.
Limit the dilution
It is the latter, intermediate and akin to a white operation, has chosen Wendel (as, for the rest, the mutual fund of the employees of Saint-Gobain, which is not enough cash to subscribe all). In reality, the holding company had no choice. Fully participate in the operation would have forced it to increase its indebtedness to maintain unchanged its weight to the capital of Saint-Gobain. It would cost it approximately EUR 300 million. Not to follow would have is conversely dropped its participation in approximately 17. The solution allows to limit its dilution without out of cash. Wendel will hold at the end of the operation about 18 of the capital and, taking into account the rights to vote double will be acquired from autumn 2009 on a portion of its titles, approximately 30 of the voting rights. Before the operation, they amounted to respectively 21.3 to approximately 34 taking into account the double voting rights. The effects of dilution on the dividend are finally in part covered by options by Wendel, providing him the payment of the dividend in full on a part of its participation.
Last spring, at the end of a battle with the leadership of Saint-Gobain, Wendel had agreed not to exceed the threshold of 34 of the voting rights at the general meeting of June 2010. 30 Of the voting rights, Wendel will lose its blocking minority. But, in fact, it should keep it, shareholders are never all present in the General Assembly. Furthermore, the holding company anticipates a future legislation fixing the threshold of the OPA at 30 of the voting rights, against 33.3 today. By reducing its voting rights at 30, the investment company ensures against the risk of having to initiate in a few months a public bid for Saint-Gobain.
After respective waterfalls close to 15 and 25 Friday, as Saint-Gobain lost 1.54, to EUR 21.29, and action Wendel declined 1.08, 23,88 EUR yesterday at the end of the Paris stock exchange.
