Groupe Bruxelles Lambert Sells Stake in Burberry for GBP498 Million

By Maryam Cockar

Groupe Bruxelles Lambert SA (GBLB.BT) said Wednesday that the company and its subsidiary, GBL Energy, sold a 6.6% stake in Burberry Group PLC (BRBY.LN) for 498 million pounds ($672.9 million).

The Belgian investment company said it sold 27.6 million shares in the British luxury clothing retailer is part of its strategy to diversify its investment portfolio and realize a capital gain of about GBP83 million.

Bruxelles Lambert said the capital gain will not impact its consolidated net result following the adoption of International Financial Reporting Standard 9, or IFRS 9.

Proceeds from the disposal will be redeployed into other investments, the company said.

At 0730 GMT, Burberry shares were down 137 pence, or 7.3%, at 1747 pence.

Write to Maryam Cockar at maryam.cockar@dowjones.com

(END) Dow Jones Newswires

May 09, 2018 03:51 ET (07:51 GMT)

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