Major Shareholding Notification • Nov 9, 2011
Major Shareholding Notification
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Not for distribution, directly or indirectly, in the United States, Canada, Australia or Japan.
Funds managed by Kohlberg Kravis Roberts & Co. (together with its affiliates, "KKR") and Wendel have completed the joint sale of 24.3 million shares of Legrand at a price of 24 euros per share.
Of the 9.2% of Legrand's share capital sold in this transaction, 4.3% was sold by funds managed by KKR and its affiliates and approximately 4.9% was sold by Wendel. Following this transaction, KKR and Wendel each hold approximately 5.8% of the share capital of Legrand and approximately 10.1% of its voting rights.
KKR and Wendel will retain a combined stake of approximately 11.7% of Legrand's share capital and 20.2% of its voting rights.
The transaction further improves the liquidity of Legrand shares with a free float consisting of more than 88% of its total shares.
No communication and no information in respect of the sale by KKR and Wendel of Legrand shares may be distributed to the public in any jurisdiction where a registration or approval is required. No steps have been or will be taken in any jurisdiction where such steps would be required. The offer or sale of the Legrand shares by KKR and Wendel may be subject to specific legal or regulatory restrictions in certain jurisdictions. KKR and Wendel take no responsibility for any violation of any such restrictions by any person.
This announcement is not a prospectus within the meaning of Directive 2003/71/EC of the European Parliament and the Council of November 4, 2003, as implemented in each member State of the European Economic Area, and amendments thereto, including Directive 2010/73/EU to the extent implemented in the relevant member State of the European Economic Area, the "Prospectus Directive".
This announcement does not, and shall not, in any circumstances constitute a public offering, nor an offer to sell or to subscribe, nor a solicitation to offer to purchase or to subscribe securities in any jurisdiction.
The offer and sale of the Legrand shares by KKR and Wendel in France has been carried out through a private placement, in accordance with article L.411-2 of the French Financial and Monetary Code and other applicable laws and regulations. There has been and will be no public offering in France.
With respect to the member States of the European Economic Area, other than France, which have implemented the Prospectus Directive (each a "Relevant Member State"), no action has been undertaken or will be undertaken to make an offer to the public of the Legrand shares sold by KKR and Wendel requiring a publication of a prospectus in any relevant member State. As a consequence, the Legrand shares may only be offered or sold in any Relevant Member State pursuant to an exemption under the Prospectus Directive.
In the United Kingdom, this press release is directed only at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order"), and (ii) "high net worth entities", "unincorporated associations" and other persons to whom it may otherwise be lawfully communicated under Article 49(2)(a) to (d) of the Financial Promotion Order.
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States unless they are registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or exempt from registration. The shares of Legrand have not been and are not being registered under the Securities Act, and neither KKR nor Wendel intend to register any portion of the shares in the proposed offering in the United States or to conduct a public offering of securities in the United States.
This press release may not be published, forwarded or distributed in the United States, Canada, Australia or Japan.
Any investment decision to buy shares in Legrand must be made solely on the basis of publicly available information regarding Legrand. Such information is not the responsibility of Société Génerale, KKR or Wendel and has not been independently verified by Société Génerale, KKR or Wendel.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with \$58.7 billion in assets under management as of September 30, 2011. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR's website at www.kkr.com.
Wendel is one of Europe's leading listed investment firms. The Group invests in France and abroad, in companies that are leaders in their businesses: Bureau Veritas, Legrand, Saint‐Gobain, Materis, Deutsch and Stahl. Wendel plays an active role as industry shareholder in these companies. It implements long‐term development strategies, which involve
boosting growth and margins of companies so as to enhance their leading market positions. Through Oranje‐Nassau Développement, which invests in growth, diversification and innovation opportunities, Wendel is also an investor in Van Gansewinkel Groep in the Netherlands, exceet in Germany, and Mecatherm and Parcours in France.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor's rating: Long term BB‐, negative outlook ‐ Short term B since October 10, 2011.
Wendel is the founding sponsor of the Centre Pompidou‐Metz, which, on September, 23, 2011 welcomed its millionth visitor since opening its doors in May 2010.
Press contacts : Image 7 Sylvie Dumaine : + 33 (0)1 53 70 74 95 [email protected] Sarah Prot: + 33 (0)1 53 70 74 28 [email protected]
Christine Anglade‐Pirzadeh: + 33 (0) 1 42 85 63 24 [email protected] Christèle Lion: +33 (0)1 42 85 91 27 [email protected] Analyst and investor contacts Laurent Marie: +33 (0)1 42 85 91 31 [email protected] Olivier Allot: +33 (0)1 42 85 63 73 [email protected]
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