Lagardère Announces the Disposal of All its Stake in Renault
Corporate & other activities
Paris, February 24, 2003
Lagardère [Euronext Paris: MMB FP] announced today that it has sold 3,588,849 shares of Renault SA, representing its entire holding in the company i.e. 1.26 % of its capital. The shares were sold at € 38,95 per share for a total amount of €140 millions. The shares had been bought for a total amount of €97.6 millions at an average price of €27.18 per share.
This transaction confirms Lagardère’s decision to exit its non-core automotive activities.
The shares were offered to French and international institutional investors through a private placement, executed by Lehman Brothers acting as sole placing agent.
This announcement is not an offer for sale in the United States. The securities have not been registered under the Securities Act of 1933 (the “Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Act and applicable state securities laws.
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