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HSBC, Sofina expected to lead £54.3m share offering in French industrial materials producer Carbone Lorraine HSBC, Sofina expected to lead £54.3m share offering in French industrial materials producer Carbone Lorraine

22 Sep 2009. Source: AltAssets
French private equity group AXA Private Equity and Belgian private equity firm Sofina are expected to lead a €60m (£54.3m) share offering by French graphite solutions and electrical components supplier Carbone Lorraine. The firms are the two biggest shareholders in the company, and are expected to commit to their full share allocations according to Carbone Lorraine, who also predict that investment giants HSBC and Société Générale will take a significant portion of the new shares.

The issue is subject to the approval of French market authority AMF, and is aimed primarily at existing shareholders, who will receive preferential subscription rights.

Carbone Lorraine reported that like-for-like sales had dropped 6 per cent and 20 per cent in the first and second quarters of 2009 compared with the same periods in 2008. In the medium term, the company hopes to target sustainable development markets such as alternative energies, energy efficiency and real transportation, growing their presence in the sectors to over 50 per cent of the group’s sales.

AXA Private Equity has $26bn in assets under management, and an international reach across Europe, North America and Asia. This month, the group acquired an undisclosed stake in French solar company Aviccia.

Copyright © 2009 AltAssets

 

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