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Sodexo (SWFP; Baa1 Neg, BBB+, BBB+) Sells cross-shareholding loop

CONSUMER CYCLICALS
  • The perennially tight issuer has gotten ridof a cross-shareholding loop by selling its subsidiary Sofinsod which held a 19.6% stake in Bellon SA (the majority shareholder of Sodexo/Pluxee).
  • Proceeds total €918m and will go back to equity holders through a dividend.
  • It will come off the BS under non-current financial assets.
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  • The perennially tight issuer has gotten ridof a cross-shareholding loop by selling its subsidiary Sofinsod which held a 19.6% stake in Bellon SA (the majority shareholder of Sodexo/Pluxee).
  • Proceeds total €918m and will go back to equity holders through a dividend.
  • It will come off the BS under non-current financial assets.