French glassmaker Saint-Gobain said it was planning to sell its stake of almost 32% in optical equipment maker Essilor and to use the proceeds to buy back its own shares.
“The growth axes that the co…
French glassmaker Saint-Gobain said it was planning to sell its stake of almost 32% in optical equipment maker Essilor and to use the proceeds to buy back its own shares. “The growth axes that the company is putting in place in all its businesses have led it to reconsider the strategic interest of its stake in Essilor and to define in conjunction with Essilor“s board the means for ceding all of its stake in the firm,” Saint-Gobain said in a statement. It said it would use part of the proceeds from the cession to buy back its own shares. It also said it would reduce its capital by 5% this year. “Under these conditions, the group has fixed a target for net earnings per share growth before exceptionals of 20% for 2000,” it added. The company previously had a target of 15%.