Preussag reduces interest in Babcock Borsig
Wednesday, October 03, 2001
GERMANY, Hanover - Preussag<.> sells an 8.5 percent stake in Babcock Borsig AG to Credit Agricole Lazard Financial Products Bank. The sale reduces the financial interest in Babcock Borsig from about 28 percent to 19.7 percent. The overall value of the transaction is around Euro 22 million.
Babcock Borsig is a technology group with international operations, mainly active in energy technologies and shipbuilding as well as in selected areas of machine building. The company, based in Oberhausen, had sales of around Euro 6 billion in fiscal year 1999/2000 with approximately 30,000 employees.
Credit Agricole Lazard Financial Products CAL FP Bank is a joint venture between one of France`s largest banks, Caisse Nationale de Credit Agricole and Lazard the international investment bank. CAL FP is headquartered in London, and provides clients with tailor-made and private Structured Finance and risk management solutions.
Theodore Koumelis
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Wednesday, October 03, 2001
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