Groupe Bruxelles Lambert sold its entire 10.01% stake in French chemicals firm Arkema on Wednesday following a strong run in the stock price over the last six months and since the company reported results last week. It traded weakly following the tightly-priced deal, but bankers and analysts away from the deal remain bullish on the stock and expect the indigestion to clear soon.
The seller, advised by Rothschild & Cie, mandated Bank of America Merrill Lynch and HSBC following an auction and they launched an accelerated bookbuild for the up-to 6.2m share sale at around 6.45pm GMT. Price guidance was given at 69.90 to market, a discount of up to 3.73%
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