BUREAU-VERITAS
Bureau Veritas, a global leader in the Testing, Inspection and Certification (TIC) industry, today announces its decision to acquire from Wendel a block of its own shares – which will amount to a maximum of EUR 100 million and represent circa 0.8% of its capital. This buyback is carried out by way of participation in the accelerated bookbuilding process to institutional investors, including Lac1, managed by Bpifrance, as announced by Wendel today. The transaction has been approved unanimously by the independent directors.
Wendel remains Bureau Veritas’ largest shareholder after the completion of this transaction, with c.26% of the share capital and c.41% of the voting rights. Lac1, managed by Bpifrance, will become a new cornerstone investor with c.4% of the share capital.
IMPLEMENTATION OF A BUYBACK BY THE COMPANY OF 0.8% OF ITS OWN SHARES
Following today's announcement by Wendel of its intention to sell c.18 million Bureau Veritas shares representing approximately 9% of the share capital - a total consideration amount of up to EUR 1.1 billion - by way of an accelerated bookbuilding process, Bureau Veritas announces that it has undertaken to participate by placing an irrevocable purchase order, at the placement price, for its own shares (representing approximately 0.8% of its share capital) for a maximum total amount of EUR 100 million. This order is part of the share buyback program authorized by Bureau Veritas shareholders at the Annual General Meeting of June 22, 2023, and which the Board of Directors decided to implement at its meeting of April 3, 2024.
The share buyback price will be equal to the price resulting from the placement procedure and the building of the order book. The Company will not participate in the determination of the price resulting from the order book.
With this buyback, the Company is making significant progress on its objective, announced at the time of the presentation of its strategic plan on March 20, 2024, of purchasing its own shares under the buyback program for a maximum amount of EUR 200 million in 2024. This buyback will accelerate the objective of improving returns to shareholders by increasing earnings per share.
The buyback will be financed in cash from the Group's available cash, and will not affect the Company's ability to implement the announced strategic plan, or its development and financing capacities.
In accordance with the purpose of the share buyback program approved by the Annual General Meeting, the shares bought back will be used for cancellation purposes and for any other purposes authorized by the Company’s shareholders at the Annual General Meeting of June 22, 2023.
ACQUISITION OF A STAKE IN THE COMPANY BY LAC1, MANAGED BY BPIFRANCE
Lac1, managed by Bpifrance, has announced its intention to acquire a c.4% stake in the Company's capital as part of the disposal transaction initiated by Wendel.
On April 3, 2024, the Board of Directors has authorized the execution of an agreement to be entered into between Lac1, managed by Bpifrance, and the Company, pursuant to which it will be agreed that following Lac1’s acquisition of a stake in the Company, the Board of Directors will propose the appointment of Bpifrance as an independent director at the Board of Directors of Bureau Veritas in compliance with the parity rules or, if such an appointment cannot be made immediately, as an observer.
Hinda Gharbi, Chief Executive Officer of Bureau Veritas, commented: “The transaction demonstrates both our strong confidence in Bureau Veritas’ growth potential and our commitment to increasing shareholder returns as presented during our Capital Markets Day held on March 20th, 2024. I thank Wendel for their continuous and active support, and I am delighted to welcome Lac1, managed by Bpifrance, a strong French institutional investor, as a new significant shareholder of Bureau Veritas and a member of the Company’s board of directors.”
About Bureau Veritas
Bureau Veritas is a world leader in inspection, certification, and laboratory testing services with a powerful purpose: to shape a world of trust by ensuring responsible progress.
With a vision to be the preferred partner for customers’ excellence and sustainability, the company innovates to help them navigate change.
Created in 1828, Bureau Veritas’ 83,000 employees deliver services in 140 countries. The company’s technical experts support customers to address challenges in quality, health and safety, environmental protection, and sustainability.
Bureau Veritas is listed on Euronext Paris and belongs to the CAC 40 ESG, CAC Next 20, SBF 120 indices and is part of the CAC SBT 1.5° index. Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit www.bureauveritas.com, and follow us on X/Twitter (@bureauveritas) and LinkedIn.
Our information is certified with blockchain technology.
Check that this press release is genuine at www.wiztrust.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240404643494/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
AEVEX Achieves AS9100 Certification6.2.2025 16:18:00 CET | Press release
AEVEX Aerospace, a global leader in cutting-edge unmanned systems and services, is proud to announce it has been awarded the prestigious AS9100 certification for its Tampa, Florida facility. This internationally recognized standard provides the framework for developing and implementing quality management systems within the aviation, space, and defense industry. Achieved in just 9 months from official project launch, this certification further demonstrates the AEVEX commitment to delivering world-class products to the aerospace and defense markets. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250206206147/en/ AEVEX Aerospace achieves AS9100 certification, reinforcing its commitment to quality, innovation, and excellence in aerospace and defense. (Graphic: Business Wire) AS9100, an industry-specific enhancement of ISO9001, establishes a set of robust quality management requirements to ensure the reliable delivery of safe, hi
Rimini Street Celebrates the 10th Anniversary of its Corporate Foundation with a $100,000 RMNI LOVE Charitable Grant Giveaway6.2.2025 15:00:00 CET | Press release
Company’s self-funded charitable program invites certified charities in select cities to apply for one of ten $10,000 grants Rimini Street, Inc. (Nasdaq: RMNI), a global provider of end-to-end enterprise software support and innovation solutions, the leading third-party support provider for Oracle, SAP and VMware software, today announced a $100,000 RMNI LOVE Charitable Grant Giveaway, commemorating the 10th anniversary of its self-funded philanthropic program, the Rimini Street Foundation. Registered charities in select cities across the globe, where a concentrated number of Rimini Street employees and clients are represented, are invited to apply for one of ten $10,000 grants, to be awarded throughout 2025 at various in-person gatherings. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250206639812/en/ Rimini Street Celebrates the 10th Anniversary of its Corporate Foundation with a $100,000 RMNI LOVE Charitable Grant Giveaw
A Beloved Classic Just Got Sweeter Than Ever; Candy Crush Solitaire™ Launches Worldwide6.2.2025 14:00:00 CET | Press release
King, the interactive entertainment company behind the world-famous Candy Crush® franchise, today launches Candy Crush Solitaire™on mobile devices worldwide. Candy Crush Solitaire brings a fresh take to the classic card game, combining the timeless fun of solitaire with the vibrant and colorful world of Candy Crush. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250206977362/en/ Candy Crush Solitaire gameplay (Graphic: King) Candy Crush Solitaire offers players a fun, mentally stimulating challenge, combining the familiar gameplay of TriPeaks solitaire with challenging levels, innovative gameplay, and tasty rewards, as they are immersed into the sensory and whimsical Candy Crush universe. Beloved characters join players on a sweet journey around the world, collecting Candified postcards and delicious rewards as they progress through the game, solving puzzles and stacking cards. This new mobile game offering will launch with
Saudi Sports for All Federation Unveils Riyadh Marathon Route, Venues, and Sponsors for Inaugural SFA International Sporting Events6.2.2025 13:41:00 CET | Press release
The Saudi Sports for All Federation (SFA) has announced key details for the inaugural 2025 SFA International Sporting Events, which include the SFA Expo and Riyadh Marathon. The SFA Expo will take place from February 5-7, 2025, at Riyadh’s JAX District, while the Riyadh Marathon is set for Saturday, February 8, 2025. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250206409638/en/ Saudi Sports for All Federation Unveils Riyadh Marathon Route, Venues, and Sponsors for Inaugural SFA International Sporting Events (Photo: AETOSWire) The SFA Expo will serve as the marathon’s bib collection hub and will feature interactive zones focused on sports, health, and fitness, showcasing cutting-edge equipment, wellness activities, and emerging technologies. The event will also include a B2B lounge for industry networking, and workshops on mindfulness and nutrition. Another highlight will be the Primal Race on Friday, February 7, a function
Align Partners Submits Shareholder Proposals at Coway Co., Ltd. to Protect the Interests of Minority Shareholders6.2.2025 13:00:00 CET | Press release
Proposals follow Coway’s failure to respond to governance concerns surrounding how the Board manages conflicts of interest with its largest shareholder, Netmarble.Align submitted shareholder proposals to strengthen the independent oversight mechanism at Coway by nominating an independent governance and capital markets expert.To ensure minority shareholder representation is upheld, and meet market best practice, Align is also proposing Coway to introduce cumulative voting. Align Partners Capital Management Inc. ("Align Partners"), a shareholder of Coway Co., Ltd. ("Coway" or "Company") since 2023, submitted 4 shareholder proposals on February 6, 2025, for the upcoming Annual General Meeting (“AGM”). These proposals aim to ensure that Coway’s governance works for all, and not just its largest shareholder. More specifically, Align Partners will be seeking support to appoint Namuh Rhee, an independent governance and capital markets expert and Chair of the Korea Corporate Governance Forum,
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom