Chile’s Richest Family Cuts Stake in French Firm Nexans (1)

Quinenco SA, the publicly traded holding for Chile’s wealthiest family, reduced its stake in French energy firm Nexans SAafter shares hit a record in late October.

Quinenco subsidiaries Invexans Ltd. and Tech Pack SA raised a net $234 million by selling 2.2 million shares of Nexans, or 5% of the company, in an “accelerated bookbuilding offering” at a price of 102 euros a share, according to a regulatory filing.

Quinenco, 83% owned by the Luksic family, still remains a top shareholder in Nexans with a 14.2% stake and will keep representation on the board of directors, according ...