Shearman & Sterling advised Bank of America Merrill Lynch and Morgan Stanley as joint bookrunners on Groupe Bruxelles Lambert’s sale of 0.7% of Total S.A.’s capital.
The sale by Groupe Bruxelles Lambert and its wholly owned subsidiary GBL Energy corresponded to 17.1 million shares by way of an accelerated book-building to institutional shareholders. The settlement of the transaction took place on February 19, 2016.
The proceeds from the disposal amount to €650 million. The consolidated capital gain amounts to approximately €260 million and will contribute to GBL’s consolidated net result in 2016.
Following this transaction, GBL holds 1.4% of the capital and 1.3% of the voting rights of Total.
Shearman & Sterling's team was led by partners Hervé Letréguilly, Sami Toutounji (both Paris-Capital Markets) and David Dixter (London-Capital Markets) and included counsel Séverine de La Courtie (Paris-Capital Markets) and associate Arthur Ravignon (London-Capital Markets).