Belgian holding company Compagnie Nationale a Portefeuille (CNP) has acquired an 11.9% stake in the former retailing giant GIB.
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CNP paid €43 per share or €140.7m (US$138.3m) to buy the stake from New York-based fund management company Wyser-Pratte and Franklin Mutual Advisors. The move casts doubt over Ackermans & Van Haare, the Belgian holding company which earlier this month launched a takeover bid to acquire all the shares in GIB.
GIB was at one stage Belgium’s leading retailer until July 2000 when it sold its supermarket unit GB to France’s Carrefour.
