Ray Investment Offers Rexel Shares
Ray Investment SARL, the largest investor in Rexel SA (RXL), is seeking as much as 483 million euros ($644 million) in its sale of a stake in the French electrical equipment distributor, said a person familiar with the process.
The range is 15.75 euros to 16.10 euros a share, said the person, who declined to be identified as the terms are private. The mid-point of that price range is 3.7 percent less than Rexel’s 16.55 euro closing price in French trading today. The sale may be completed as early as tonight, the person said.
Ray is selling 30 million shares, or about 11 percent of the Paris-based company, and expects to hold about 60 percent of the voting rights following the sale, according to a statement today. Deutsche Bank AG is managing the sale.
Ray’s shareholders include funds controlled by Clayton Dubilier & Rice Inc. and Caisse de Depot et Placement du Quebec. Rexel announced plans this month to reduce branches and staff in Spain and Italy as a result of Europe’s sovereign debt crisis.
Rexel said a spokesman wasn’t available outside of regular business hours. A Deutsche Bank spokesman in New York declined to comment.