De Benedetti to End Fight for Belgian Firm
Italian financier Carlo De Benedetti has agreed to sharply reduce his stake in Societe Generale de Belgique, ending a lengthy takeover battle for Belgium’s largest holding company, sources said Thursday.
Under terms of a settlement, De Benedetti will sell part of his 45% stake in Societe Generale to Cie. Financiere de Suez, a French banking company that, along with its allies, holds a slim majority.
The sale will reduce De Benedetti’s holdings to about 15%, thereby blocking his ability to manipulate decisions that require a 75% vote of shareholders.
In return, however, De Benedetti will get a cash payment, at least three seats on Societe Generale’s board and increase his stake in Suez, according to sources who spoke on condition of anonymity.
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