Wendel wishes to maintain a significant exposure to Bureau Veritas and is confident in the upside potential of BV’s share price. Wendel has thus decided to issue bonds with a par value of c. €750 million, exchangeable into BV shares, as an efficient funding source. The bonds will be exchangeable at a premium of 25% over the reference price of the shares and will bear interest at 2.625%.
Wendel reaffirms its full support for Bureau Veritas’s strategy. At the conclusion of the bond issue, Wendel will maintain control of Bureau Veritas and will continue to work closely on strategy with Bureau Veritas’s management team. In the event all of the bonds are exchanged for shares, Wendel will maintain a stake of c. 30.6% in Bureau Veritas and will hold c. 46.1% of its voting rights. This level of investment will enable Wendel to remain a significant shareholder of Bureau Veritas.