Saint-Gobain private placement closed

French building materials company Compagnie de Saint-Gobain SA said the private placement it launched to complete its rights issue closed early 18 March 2009.
In a statement, Saint-Gobain said that e…

French building materials company Compagnie de Saint-Gobain SA said the private placement it launched to complete its rights issue closed early 18 March 2009. In a statement, Saint-Gobain said that each new share placed was priced at EUR 20.79, while each unexercised warrant was repurchased for EUR 1.94. The repurchase price was scheduled to be paid by 24 March 2009 the company said. Saint-Gobain decided to launch a private placement after the initial EUR 1.5 billion rights issue it launched to help the company repay part of its debt was only 95.7% subscribed. The share capital increase will enable Saint-Gobain to raise a gross amount of EUR 1.51 billion by issuing a total of 108,017,212 new shares. The settlement and listing of the new shares was scheduled to take place 23 March 2009 the company also said. Saint-Gobain announced its plan to increase its capital 20 February 2009 on the same day it posted a 7.3% drop in its 2008 net profit and indicated new measures to help the company weather the unfavorable economic environment. Saint-Gobain said at the time that the EUR 1.5 billion capital hike had been underwritten by BNP Paribas SA, Credit Agricole SA“s unit Calyon and JP Morgan Chase and Co. French investment company Wendel, Saint-Gobain“s largest shareholder, has agreed to take part in the capital increase and is expected to hold 18.3% of Saint-Gobain“s capital after the rights issue. Wendel previously held 21.5% of Saint-Gobain“s capital.