July 24, 2024 08:10 GMT
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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