Rubis: share price rises sharply as broker raises guidance

(CercleFinance.com) - Rubis is up more than 11% today, as Oddo BHF has raised its recommendation on the stock from 'neutral' to 'outperform', with a price target raised from 31 to 36 euros.


The broker points out that yesterday, Vincent Bolloré declared to the AMF that he had exceeded the thresholds of 5% of Rubis share capital and voting rights, following the acquisition of shares (through Plantations des Terres Rouges, a company he controls) for an estimated amount of around ?130 million (based on an average share price of ?25).

He thus becomes a major Rubis shareholder, since only Groupe Industriel Marcel Dassault holds a little more, with 6% of the capital. Oddo BHF considers that this is essentially a financial investment, and that V. Bolloré is not likely to take control of Rubis in the short/medium term.

The analyst adds that 'this entry into Bolloré's capital can only be positive for Rubis shareholders', but that we must now wait to find out the intentions of the new investor.

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