Schneider confirms sale of Spie Batignolles
Schneider confirms having signed an agreement on February 26, 1997, for the sale of 58.4 percent of Spie Batignolles' capital to Financière Spie Batignolles (employees) and the remaining 41.6 percent to the British group AMEC. The transaction represents a total of FF 350 million.
On February 27, 1997, Schneider will transfer 19.23 percent of its directly held 50 percent interest in Spie-Trindel's capital to Financière Spie Trindel. In exchange Schneider will own 27.8 percent of Financière Spie Trindel .
In addition, on February 28, 1997, Schneider will sell to the same Financière Spie Trindel the remaining 30.77 percent for FF 400 million.
Lastly, Spie Batignolles has agreed to acquire from Schneider the remaining 27.8 percent of Financière Spie Trindel within a maximum period of 4 years for an index-linked value of FF 250 million.
The total transaction represents a total of FF 1 billion.