By Nina Kienle
Shares in La Francaise des Jeux fell on Wednesday after shareholder Credit Agricole Assurances said it sold a 149.1 million-euro ($158 million) stake in the company to institutional investors.
In morning trading, shares in the French lottery operator were down 4.4% at 37.60 euros, but remained up 15% since the start of the year.
CAA, the insurance arm of French financial group Credit Agricole, said it sold a 2.2% stake in FDJ, cutting its ownership in the company to 3.3%. The shares were sold at 36.60 euros each, which represents a 7% discount to FDJ's closing price on Tuesday.
The investor will also retain 4.5% of the voting rights in FDJ and a board seat after the sale, it said.
CAA said the sale is part of its strategy to manage its investment portfolio and that it has supported the company throughout its development, including the recently completed acquisition of Sweden's Kindred. CAA has been a shareholder of FDJ since the company's initial public offering in November 2019.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
November 20, 2024 04:34 ET (09:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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