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sale of assets

December 1, 2011

French investment company Wendel, controlled by the founding family, is to sell its stake in electrical connections business Deutsch, as it attempts to reduce its €5 billion debt faster.

French investment company Wendel, controlled by the founding family, is to sell its stake in electrical connections business Deutsch, as it attempts to reduce its €5 billion debt faster.

The sale will see the family business divest its 89% holding in US-based Deutsch, which it first acquired in June 2006, for €1.5 billion, Wendel said in a statement. The net proceeds will amount to €954 million.

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