Groupe Bruxelles Lambert Sells 0.3% Stake in Total

By Geraldine Amiel

Belgian holding group Groupe Bruxelles Lambert SA (GBLB.BT) said it has sold a 0.3% stake in French oil and gas major Total SA (TOT, FP.FR), for proceeds of around 360 million euros ($483 million).

The stake was held by its GBL Energy unit which now holds a 3.6% stake in the French oil company, valued at EUR3.8 billion, Groupe Bruxelles Lambert said. It noted the stake contributes 26% to its adjusted net assets.

The holding company didn't say how the stake was sold.

Groupe Bruxelles Lambert, which belongs to Belgian billionnaire Albert Frere, has gradually decreased its stake in Total over the past two years, as it reshuffles its financial portfolio toward different investments. Yet, it insisted the remaining stake in the oil major remained a "strategic participation."

The disposal of the shares means the combined stake of Groupe Bruxelles Lambert along with pact partner Frere-Bourgeois and CNP, which own 1.4% of Total's capital equity, has fallen below the 5% threshold, the group added.

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