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    • 75 % - 80 %
    • Long term objective
    • (contribution to GBL's portfolio)

    Investments generally larger than one billion euros, primarily in listed companies, in which GBL can exercise clear influence. These represent the bulk of the adjusted net assets.

    • 10 % - 15 %
    • Long term objective
    • (contribution to GBL's portfolio)

    A limited selection of investments of lower size (EUR 250 million - EUR 1 billion), listed or not, having the potential to eventually become strategic.

    • 10 %
    • Long term objective
    • (contribution to GBL's portfolio)

    Significant investments in private equity, debt or specific thematic funds.

About

GBL aims to create value over the long term through a diversified portfolio focused on three types of assets: Strategic Investments, Incubator Investments and Sienna Capital. While the last two are in development phase, the vast majority of the current participations are Strategic Investments individually valued at more than 1 billion euros.

GBL plays its role of long-term shareholder within these Strategic Investments, while periodically rotating them to ensure a balance in the portfolio between growth and yield companies.

Accordingly, in 2015 GBL:

  • sold an additional fraction of its interest in Total, i.e. 0.5% of the company’s share capital;
  • transferred the bulk of its Suez shares as a consequence of the conversion of the exchangeable bonds issued in 2012;
  • supported the merger between Lafarge and Holcim in order to create the worldwide leader in the sector;
  • supported Imerys by facilitating the integration of S&B;
  • accompanied the new SGS management team in working out its strategic plan

Governance

GBL aspires to hold a position of core shareholder in the capital of its Strategic Investments so as to play an active role in their governance.

GBL is the largest shareholder in Imerys and the second largest in LafargeHolcim. It is the lead shareholder, alongside other family groups, in Pernod Ricard or SGS, and is a long-standing shareholder in Total. GBL is represented on the Board of Directors and the Committees (Strategic, Audit and Nomination and Remuneration Committees) of all its participations.

GBL contributes to the value creation in close collaboration with management teams of the participations at three levels: approval and support of the company’s strategy, decisions about the management selection and the remuneration policy, and definition of the most appropriate financial structure for value creation.

Investment criteria

The portfolio of Strategic Investments and GBL’s new investments meet clear criteria.

Strategic Investments may be listed or private, must have their registered office in Europe, be global sector leaders and be exposed to growth markets giving them high potential for value creation. They must have financial resources aligned with their strategy and be led by high quality managers driven by a strategic and value-creating vision, which the support of a long-term, friendly shareholder such as GBL will allow them to achieve.