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BNP Paribas is selling off its stake in Hurel Dubois to SNECMA

Paribas Affaires Industrielles (PAI) sold its controlling interest in Hurel Dubois, listed on the Paris stock exchange's second marché, to the SNECMA Group.

In a deal completed on Wednesday, 13 September 2000, PAI sold BNP Paribas Group's total ownership interest, a 54.4% stake, to the SNECMA Group. The per share price, under the deal, was 175 Euros, compared to the 124.15 Euro average price (average of the closing prices in the last 20 stock market sessions as at 12 September 2000).

The buyer has pledged to submit a draft stock price guarantee covering all the company's equity shares, on the basis of a unit price of 175 Euros.

Hurel Dubois is a French aeronautics parts manufacturer that specialises in making carriers and thrust reversers. In 1999, it had 1.745 Francs in turnover and 69 million Francs in net profit.

This sale nets BNP Paribas 99.9 million Euros, generating approximately 45 million Euros in consolidated capital gains for the Group.