France's EDF Rakes In $355M Through Veolia Stake Sale

Law360, New York (November 27, 2013, 11:25 AM EST) -- State-owned French utility Electricite de France SA on Wednesday dumped its minority stake in waste management firm Veolia Environnement SA, raking in roughly €262.1 million ($355 million) through a private placement.

EDF priced its entire 4.01 percent holding at €11.90 per share, a discount of about 2.3 percent to Veolia's close on Tuesday, it said in a brief statement. It did not say whether any other institutional investors scooped up the stake.

The exit comes after several months of success for Veolia, which over the past...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.