Belgium's GBL Sells 2.3% Stake In France's Pernod Ricard

Groupe Bruxelles Lambert (GBLB.BT), the holding company of Belgian billionaire Albert Frere, late Wednesday said it privately placed a 2.3% stake in French spirit maker Pernod Ricard SA (RI.FR).

This sale transaction optimizes the value of GBL's portfolio and increases its financial flexibility, following the sale of GBL's stake in French chemical group Arkema (AKE.FR), Frere said in a statement.

The Belgian holding company didn't specify at what price it offered its Pernod Ricard shares, which had gained more than 30% between a low point in late August and Wednesday.

GBL will retain a 7.5% stake in Pernod Ricard and expects its representation on Pernod Ricard's board to remain unchanged, the statement said.

"In the context of this market transaction, GBL entered into a lock-up undertaking with the banks managing the placement relating to its remaining stake in Pernod Ricard for a minimum period of 90 calendar days," the statement said.

Earlier Wednesday, GBL said it had sold a 10.01% stake in Arkema for EUR432 million.

Pernod Ricard shares opened 33% lower Thursday.

-By Inti Landauro, Dow Jones Newswires; [phone]; [e-mail]