Gide advises Agence des Participations de l'État on the sale of Renault's shares by the French State
6 December 2017
Deals | France & USA | Capital Markets
Gide advised Agence des Participations de l'État on the sale by the French State of 14 million Renault's shares, equivalent to 4.73% of Renault's share capital. This sale has been made through an institutional private placement by way of an accelerated bookbuilding.
This sale is subsequent to the French State's commitment made on April 2015 to return to a 15.01% shareholding level, after the confirmation that double voting rights established by the Florange law (law of 29 March 2014) have been set forth following the acquisition of 4.73% Renault's share capital on April 2015. Renault took part to this transaction through its buyback program by acquiring 1,400,000 shares that will be subsequently proposed to employees and former employees of the group in accordance with the ordinance of 20 August 2014 as modified by the law of 6 August 2015.
The placement has been conducted by Merrill Lynch International, as global coordinator, lead manager, joint bookrunner and guarantor, Goldman Sachs International as settlement agent, lead manager, joint bookrunner and guarantor and Deutsche Bank AG, London Branch, as lead manager, joint bookrunner and guarantor.
Gide's team was led by partner Arnaud Duhamel, assisted by counsel Théophile Strebelle, associates Aude-Laurène Dourdain and Laure Bellenger, on French law aspects, and by partner Melinda Arsouze, assisted by associate Scott Logan, on U.S. law aspects. Partner Thomas Courtel and his team also advised on public law aspects of the transaction.