Saint-Gobain: AXA“s stake falls

As per a report from the French bourse regulator on 1 April 2009, the AXA Investment Managers Paris affiliate of French insurance company AXA SA has lowered its stake in French building materials grou…

As per a report from the French bourse regulator on 1 April 2009, the AXA Investment Managers Paris affiliate of French insurance company AXA SA has lowered its stake in French building materials group Compagnie de Saint-Gobain SA to 5.52%. A regulatory statement from the Autorite des Marches Financiers (AMF) said the stake dropped below the mandatory 10% threshold due to the recent Saint-Gobain capital increase. The AMF did not exactly say how much of Saint-Gobain AXA Investment held before the issue. Saint-Gobain had already raised EUR1.5 billion through a rights issue to help pay down debt in March. AMF added that AXA Investment now holds 8.62% of the voting rights in Saint-Gobain.