Clifford Chance advised BNP Paribas and Morgan Stanley in relation to a structured disposal for Wendel SE of a 6.7 percent stake in Bureau Veritas SA (a leading provider of inspection and certification services listed on Euronext Paris).
The transaction allowed Wendel to monetise this stake while retaining ownership of the shares and associated double voting rights until maturity and to participate partially in any share price increase.

The transaction involved:

Wendel entering into a prepaid 3-year share forward with BNP Paribas in respect of 30,357,140 shares in Bureau Veritas;
Wendel entering into call spread transactions with BNP Paribas and Morgan Stanley to participate partially in any future share price increase during the life of the share forward; and
BNP Paribas and Morgan Stanley conducting a public market accelerated book-built offering of a number of shares corresponding to the shares underlying the share forward (settled with shares borrowed in the stock loan market).
The transaction reflects a trend for our clients to use Strategic Equity Solutions (equity derivatives and structured finance techniques) to achieve corporate finance objectives and show cases the strength of Clifford Chance’s pan-European capability in this area.