Arab Today, arab today pernodricard gbl selling up to eu509 million in shares
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Pernod-Ricard GBL selling up to EU509 million in shares

Arab Today, arab today

Arab Today, arab today Pernod-Ricard GBL selling up to EU509 million in shares

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Groupe Bruxelles Lambert SA (BGLB), the investment firm controlled by billionaires Albert Frere and Paul Desmarais, is selling 6.2 million shares of Pernod-Ricard SA (RI) for as much as 509 million euros ($663 million), according to a term sheet obtained by Bloomberg News. The shares are being offered for 80.60 euros to 82.10 euros each, the term sheet shows. Societe Generale SA and BNP Paribas SA are managing the sale. The offering of Pernod-Ricard, the Paris-based wine and spirits producer, is at least the second sale by GBL this week. The Belgian holding company made a capital gain of about 220 million euros selling its 10 percent stake in French chemical manufacturer Arkema SA (ARK), according to an e-mailed statement yesterday from GBL. The investment firm also holds shares of French companies Total SA (FP), LaFarge SA (LG) and GDF Suez. (GSZ) GBL increased its distribution of cash earnings to the highest level in 10 years and proposed raising its dividend 2.4 percent to 2.6 euros a share, according to a March 6 statement. That’s the smallest dividend increase since 1997, Bloomberg data show. GBL rose less than 1 percent yesterday to 57.22 euros. Pernod-Ricard rose 0.5 percent to 82.10 euros.

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