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BNP Paribas sells Klepierre stake for 829mn eur

BNP Paribas sells Klepierre stake for 829mn eurPARIS: French bank BNP Paribas said on Tuesday it sold its 6.5 percent stake in property group Klepierre for about 829 million euros ($ 914 million).

BNP Paribas said it sold the 20.5 million shares through an accelerated private placement to institutional investors at a price of 40.50 euros per share. This compared with Monday’s closing price of 43.00 euros.

The bank said the sale would boost its core equity Tier 1 ratio by 5 basis points. The ratio stood at 10.7 percent as of the end of September.

“This transaction is part of BNP Paribas’ active management of its equity investment portfolio,” BNP Paribas said in a statement. “Through this placement, BNP Paribas has sold all of the Klepierre shares that it held for its own account.”

BNP Paribas acted as sole global coordinator and bookrunner. Credit Suisse and UBS Investment Bank acted as joint bookrunners.

Copyright Reuters, 2015

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