FRANCE: Vranken raises capital to fund Pommery buy
Vranken Monopole has raised its capital by €26.3m, or around 1.05m shares sold for EUR25 each, in a move to finance its acquisition of the Champagne brand Pommery from LVMH in April.
The French wines and spirits company's capital is now made of 4.59 million shares.
The retail offer was "strongly oversubscribed," while the offer for institutional investors was 4.4 times oversubscribed, the company said.
The capital increase included a 10% green-shoe option.
The acquisition of Pommery will be achieved through the creation of a company, called Pommery SA, which will be 66.66% owned by Vranken and 33.34% owned by a group of financial investors led by Credit Agricole Nord Est, a unit of Credit Agricole SA .
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