France Said to Sell as Much as EU452 Million of Safran Shares
The shares are being sold at 34.50 euros to 34.80 euros, according to a term sheet obtained by Bloomberg News. That’s a discount of as much as 2.8 percent to yesterday’s closing price. The offering represents about 3.1 percent of Safran’s outstanding stock, the term sheet shows.
France owned about 30 percent of Safran at the end of last year, according to the company’s website. The Paris-based aerospace company, led by Chief Executive Officer Jean-Paul Herteman, generated 13.6 billion euros in revenue in 2012.
Societe Generale SA (GLE) is managing the offering, which is scheduled to price today, the term sheet shows. Safran rose less than 1 percent yesterday in Paris trading to 35.49 euros, for a market capitalization of 14.8 billion euros. The stock has climbed about 31 percent in the past year.