Nexans shares fell by 7.6% on Wednesday morning, the biggest drop on the SBF 120, following a share placement by Invexans, its main shareholder.

According to market sources, Invexans carried out an accelerated placement yesterday evening, representing 9.6% of Nexans' share capital at a 9.4% discount to the last trading price.

Invexans indicated that the main objective of the transaction was to adjust its position in Nexans, whose value has increased significantly in recent years, and to diversify its investment portfolio.

Invexans continues to hold 19.2% of the capital and remains a reference shareholder of Nexans.

At December 31, 2022, Invexans, a company of the Chilean group Quiñenco, held 28.8% of the capital.

Invexans has been a Nexans shareholder since 2008, when the Chilean cable manufacturer Madeco transferred its assets in Chile, Argentina, Peru, Brazil and Colombia to the French group in exchange for
448 million dollars in cash and 2.5 million Nexans shares.

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