GTT: successful placement of shares by Engie
The energy group points out that it has entered into 18-month forward sales contracts with Morgan Stanley Europe and Natixis (hedge banks) relating to these shares in the engineering company.
These forward sales enable Engie to sell, at maturity, its residual stake in GTT at a predetermined price, while retaining full ownership of this stake and the related voting rights until the sale at maturity.
The shares sold to institutional investors as part of the placement by the hedging banks are borrowed by them on the market. Settlement and delivery of the placement is expected to take place on March 18.
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