France to Reduce Its Stake in Valeo

France's Bpifrance state fund is selling off about 2 million shares of its stake in Paris-based Valeo SA for an estimated €201 million, Reuters reports.

The private placement will leave Bpifrance with a 3.3% stake and more than 5% of Valeo voting rights. The sale won't affect the fund's presence on the company's board.

The French government fund acquired its holding in 2009 to help bolster the components supplier during the global economic crisis. Reuters notes that Valeo's share price has multiplied more than ninefold since the end of 2008.