White & Case advises French state on unwinding cross-shareholdings held by Groupe ADP and Royal Schiphol Group

Global law firm White & Case LLP has advised the French state, acting through the Agence des Participations de l'Etat (APE), as shareholder of Aéroports de Paris (Groupe ADP) on unwinding the cross-shareholdings held by Groupe ADP and Royal Schiphol Group (RSG).

As part of the transaction, Royal Schiphol Group sold 1.59 percent of the capital in Groupe ADP to Canada Pension Plan Investment Board, bringing its total stake in Groupe ADP to approximately 5.64 percent, as well as 2.5 percent to Predica, a subsidiary of Crédit Agricole Assurances, which now holds 7.73 percent of Groupe ADP's capital.

The remainder of Royal Schiphol Group's stake in Groupe ADP, representing approximately 3.91 percent of the share capital or 3,869,859 shares, was sold via an accelerated book-building (ABB) at a price of €133 per share. Groupe ADP bought back 296,882 shares, representing approximately 0.3 percent of the share capital, at a unit price of €133.

Following the ABB, Royal Schiphol Group no longer holds any shares in Groupe ADP. In accordance with an Exit Agreement concluded between the parties on December 1, 2008, Royal Schiphol Group will repurchase shares held by Groupe ADP in Royal Schiphol Group.

The White & Case team in Paris which advised on the transactions was led by partners Marc Petitier and Philippe Herbelin and included associate Hugo Chevillot.

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