Wendel sells Saint-Gobain stake

PARIS ― Wendel S.A. said this week it will sell a 5.3% stake in Saint-Gobain in a private placement, Reuters reports, with proceeds to be poured back into unlisted companies in Europe, North America, and Africa. The French investment firm will retain a stake of some 6.4% in Saint-Gobain, said a third of the sale of 30 million shares would be subscribed to by Saint-Gobain as part of its share buyback programme. In a statement, the firm reaffirmed its confidence in Saint-Gobain’s strategy.