Investment group GBL sells half its stake in Umicore as shares reach record highs
Investment group Groupe Bruxelles Lambert (GBL) has sold half its stake in Belgian materials group Umicore, following a sharp rally in the company’s share price.
GBL instructed Goldman Sachs to place around 19.6 million Umicore shares - roughly 8 per cent of the company - through an accelerated bookbuild. The sale raises about 300 million euros and reduces GBL’s holding from 16 per cent to around 8 per cent. The transaction is expected to settle on 20 November.
Umicore shares have surged nearly 70 per cent since the start of the year, making them the best-performing stock on the BEL 20 in 2025. The current price sits more than 10 per cent above analysts’ targets, providing GBL with an opportune moment to divest.
Simplified portfolio
The Belgian state remains a 5 per cent shareholder, having taken a stake via the Federal Participation and Investment Company (SFPIM) 18 months ago as part of efforts to keep the company anchored in Belgium.
GBL says the sale, announced on Tuesday, fits its broader strategy of simplifying its portfolio and shifting away from listed assets in favour of direct investments in unlisted companies.
After this transaction, the group has achieved 85 per cent of its 5 billion euro disposal target under its mid-term plan. GBL has committed to a 90-day lock-up on its remaining shares and says it will remain a key long-term supporter of Umicore.
#FlandersNewsService | © BELGA PHOTO JASPER JACOBS
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