Bollore shares rise after announcing buyout offers for subsidiaries
Updates share move and first paragraph, adds milestone and further details from paragraph 3
Sept 13 (Reuters) -Shares in Bollore BOLL.PA rose as much as 7.2% on Friday, topping the SBF 120 index .SBF120, after the French holding company announced on Thursday buyout offers for three subsidiaries, part of plans to retake full ownership and delist the firms.
French billionaire Vincent Bollore's holding company said in a release it would launch tender offers for Compagnie du Cambodge, Financiere Moncey, and Societe Industrielle et Financiere de l'Artois (SIF Artois), payable in cash, UMG UMG.AS shares, or a combination of both.
The company is aiming to take full ownership of the three subsidiaries and delist them in order to reduce administrative and management costs.
Shares were on track for their best day since March 15, 2023, when they closed 8.3 % higher.
The offers will be submitted to vote to the subsidiaries' shareholders during an extraordinary general meeting on Oct. 21, 2024.
Bollore is offering 93 euros ($103.11) per Compagnie du Cambodge share, 118 euros per Financiere Moncey share and 9,300 euros per SIF Artois share.
The offers' completion will be subjected to the French markets regulator's clearance.
($1 = 0.9020 euros)
Reporting by Clément Martinot, Stéphanie Hamel and Dominique Patton; Editing by Mark Potter and Alex Richardson
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