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...
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