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Tuesday, November 24, 2009
Legrand Drops On KKR, Wendel Share Sale
By Steve Goldstein
MarketWatch Pulse
LONDON -- Shares of Legrand dropped over 6% in Paris after Kohlberg Kravis Roberts & Co. and Wendel said late Monday they would jointly sell 30 million shares, or 11%, of the electrical fittings firm. The transaction is part of KKR's and Wendel's strategy to actively manage their investments and is also intended to significantly enhance Legrand's stock liquidity due to the resulting increase of its free float by approximately 34%. Following the transaction, KKR and Wendel will together hold, directly and indirectly, approximately 50% of Legrand's share capital and approximately 65% of its voting rights. 2006. KKR and Wendel said they reiterate their confidence in Legrand and remain equally enthusiastic about Legrand's robust business model and growth prospects.
Copyright © 2009 MarketWatch, Inc.
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