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GL Trade shareholders exploring options

06 May 2008  |  7043 views  |  0 Paris - Eiffel tower

Nyse Euronext is one of a group of major shareholders in GL Trade that are considering "strategic options" for the French dealing systems vendor, including disposing of their shareholdings.

In a statement Paris-based GL Trade says shareholders in holding company Financière Montmartre which - directly and indirectly - own 63.9% of its capital, are considering various options for the company, including "withdrawing their participation".

The vendor says no decision has yet been taken, but Morgan Stanley has been selected to advise Financière Montmarte and its shareholders.

Nyse Euronext holds a 57.8% stake in Financière Montmartre, with GL Trade founders Louis-Christophe Laurent, Pierre Gatignol and Frédéric Morin owning the remaining stake in the holding company.

The transatlantic exchange also holds a direct 8.2% stake in GL Trade, while the founders hold a direct 0.5% shareholding. The remaining 36.1% of the business is owned by other shareholders.

News of the possible sell-off pushed shares in GL Trade up 16.14%, or EUR4.60 to EUR33.10 in morning trading.

View GL Trade market data here

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