StockMarketWire.com - Saint-Gobain said it had completed the sale of its 10.75% stake in subsidiary Schenker-Winkler for CHF2.56bn.

The shares were placed via a private placement to qualified institutional investors by way of an accelerated book-building process.

Saint-Gobain acquired its 10.75% stake in Sika for €933 million in May 2018 as part of a global agreement with Sika and the Burkard family in May 2018.

'The proceeds from the disposal will strengthen Saint-Gobain's balance sheet, increase its financial flexibility and liquidity position in a market environment that remains uncertain. As mentioned at the end of April, depending on how the situation evolves Saint-Gobain will review the Group's shareholder return policy by the end of the year,' the company said.



At 9:46am: [LON:COD] Compagnie De StGobain share price was +0.07p at 28.06p



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