Compagnie de Saint-Gobain Shares buy back (1356X)
May 03 2016 - 12:58PM
UK Regulatory
TIDMCOD
RNS Number : 1356X
Compagnie de Saint-Gobain
03 May 2016
May 3, 2016
Saint-Gobain undertakes to buy back 10 million shares as part of
the accelerated bookbuilding concerning 30 million Saint-Gobain
shares announced by Wendel
Further to the announcement made today by Wendel, as part of its
strategy aimed at increasing its exposure to unlisted assets and
strengthening its financial structure, regarding its intention to
sell 30 million Saint-Gobain shares representing approximately 5.3%
of the share capital through an accelerated bookbuilding process,
Saint-Gobain announces that it has undertaken to participate in the
private placement by placing an irreducible order, at the placement
price, to purchase 10 million of its own shares (i.e. circa 1.8% of
its share capital). This order is placed as part of the existing
share buyback program authorized by Saint-Gobain's shareholders at
the AGM of June 4, 2015. All shares so repurchased will be
cancelled.
Pierre-André de Chalendar, Chairman and CEO of Saint-Gobain,
stated: "The transaction launched by Wendel allows us to buy back
shares at attractive terms and to move significantly toward our
medium-term objective of decreasing the number of shares to 531
million. I welcome the reiterated confidence of Wendel in the
group's growth prospects and our continued partnership. In parallel
with this transaction, Saint-Gobain will continue its investment
and acquisition program with notably the acquisition of a
controlling interest in Sika."
Frédéric Lemoine, Chairman of the Executive Board of Wendel,
stated: "After having achieved all of our investment objectives 18
months ahead of schedule, this transaction significantly increases
our flexibility to seize high potential investment opportunities
identified by our teams, while significantly improving our
financial structure. Within the framework of our governance
agreement, Wendel remains a very significant shareholder of
Saint-Gobain and thereby intends to benefit from the strong
prospects offered by the group. The considerable work of business
portfolio optimization carried out under the leadership of
Pierre-André de Chalendar, the prospect of a rebound in
construction markets as well as the strategic plan to acquire a
controlling interest in Sika should enhance the group's value
creation potential in the future."
ABOUT SAINT-GOBAIN
Backed by its experience and its capacity to continuously
innovate, Saint-Gobain, the world leader in the habitat and
construction market, designs, manufactures and distributes
high-performance and building materials providing innovative
solutions to the challenges of growth, energy efficiency and
environmental protection. With 2015 sales of EUR39.6 billion,
Saint-Gobain operates in 66 countries and has more than 170,000
employees. For more information about Saint-Gobain, visit
www.saint-gobain.com and the twitter account @saintgobain or
download the "Saint-Gobain Shareholder" application for tablet and
smartphone.
Analyst/Investor relations Press relations
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