French state-owned bank Caisse des Depots (CDC) said on Thursday it was selling 22.5 million shares in French water and waste group Veolia, about 4 percent of Veolia’s share capital, through a placing with institutional investors.
It said the final terms and the results of the placing, led by Citigroup and Morgan Stanley, will be determined at the end of the bookbuilding process.
Following this transaction, CDC will hold 4.62 percent of Veolia’s share capital and 8.36 percent of the voting rights.
CDC said it intends to remain a key shareholder of Veolia and will remain for the time being on the board of directors of Veolia.
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