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Investing.com -- Crédit Agricole Assurances, the insurance arm of French bank Crédit Agricole (EPA:CAGR), has launched the sale of its entire stake in international gaming operator FDJ United through an accelerated bookbuilding placement.
Following the announcement, FDJ United shares fell about 4% on Wednesday.
The insurance subsidiary is selling 6,110,156 shares, representing 3.3% of FDJ United’s share capital and 4.5% of its voting rights, to institutional investors.
The French bank announced the move Tuesday, stating it was part of the subsidiary’s active investment management portfolio strategy.
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