By Mauro Orru
Shares in Gaztransport et Technigaz, or GTT, fell Wednesday after Engie SA divested part of its stake in the company.
The French utility company sold a 10% stake in GTT, raising about 248 million euros ($303.8 million) through a private placement, and now owns around 30% of the engineering company.
At 0850 GMT, GTT shares traded 5.9% lower at EUR67.85.
Engie also priced exchangeable bonds with a maturity of three years for an aggregate nominal amount of EUR290 million, which could further slash its stake in GTT to around 20% if the bonds are exchanged in full.
"Today's announcement is in line with Engie's strategic plan towards simplifying the group and its investor proposition through exiting non-core activities. GTT is an innovative and high performing business, and as a major shareholder Engie has benefited from GTT's continuing strong growth over the years," Engie Chief Executive Catherine MacGregor said.
Write to Mauro Orru at email@example.com; @MauroOrru94
(END) Dow Jones Newswires