Groupe Bruxelles Lambert

21 March 2011 - After 17:45

Regulated information

 

 

 

 

GBL's Board of Directors, meeting on 21 March, decided to acquire the 25.6% stake in Imerys held by its parent company Pargesa. This acquisition at the price of EUR 56.2 per share, with a coupon of EUR 1.2 attached, represents an investment of EUR 1.1 billion and will increase GBL's stake in Imerys from 30.7% to 56.4%.

 

The transaction was notified to the Financial Market Authority (AMF) in France with a view to securing a derogation on the basis of a "reclassification" between companies belonging to the same group.

 

Since this is a transaction with an associated company, the procedure dictated for this purpose by Belgian law was applied and a fairness opinion was drawn up by Deutsche Bank as an independent expert. The opinion concludes that the acquisition price is fair from a financial point of view for GBL.

 

The grouping within GBL of the Imerys shareholding, which does not alter ultimate control, does not imply any changes in terms of the company’s strategy or listing.

 

GBL will, in accordance with IFRS, account for Imerys through full consolidation after marking its assets of liabilities to market values. Besides, the transaction will result in a re-evaluation profit for some EUR 0.5 billion taken through P&L.

 

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