Worms sells CNN stake

Financial holding company Worms et Cie says it had agreed to sell its 54 per cent stake in Compagnie Nationale de Navigation (CNN) to Belgium's Compagnie Maritime Belge (CMB) for 750 million French francs (about HK$997.5 million).

Worms said the price of the transaction was 140 francs per share and 40 francs per warrant.

The agreement to sell the stake on January 5 follows the takeover of Worms by Italy's Ifil and French insurer AGF.

Worms said that following the sale, CMB would make an offer to take over the minority stakes under the same terms.