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Thursday, February 14, 2013

Rexel controlling shareholder sells 14.7 percent stake, (NYSE: BAC)

Rexel controlling shareholder Ray Investment said it sold 14.7 percent of the French electrical materials supplier via an accelerated bookbuilding to institutional investors amid strong demand.Ray Investment placed the 40 million shares, more than the 12.9 percent it planned to sell, at 16 euros each, it said in a statement on Thursday. Rexel shares - up about 16.5 percent in the last three months - were trading 0.4 percent higher at 16.50 euros by 1128 GMT.The proceeds of about 640 million euros ($860 million) will be distributed to funds controlled by Clayton, Dubilier & Rice, Eurazeo, Bank of America Merrill Lynch and the Caisse des Depots et Consignations du Quebec.French investment group Eurazeo, a Ray Investment shareholder since 2005, said its share of the proceeds would be about 225 million euros.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC remained unchanged at $12.17. In the past year, the shares have traded as low as $6.72 and as high as $12.42. On average, 161355008 shares of BAC exchange hands on a given day and today's volume is recorded at 37000.