Reuters - Ray Investment Sells Rexel Shares

Rexel controlling shareholder Ray Investment said it sold 14.7 percent of the French electrical materials supplier via an accelerated bookbuilding to institutional investors amid strong demand, Reuters reported. Ray Investment placed the 40 million shares, more than the 12.9 percent it planned to sell, at 16 euros each, it said in a statement on Thursday. The proceeds of about 640 million euros ($860 million) will be distributed to funds controlled by Clayton, Dubilier & Rice, Eurazeo, Bank of America Merrill Lynch and the Caisse des Depots et Consignations du Quebec.

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