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Willis to cut Gras Savoye stake-paper

Published 09/10/2009, 03:47 PM
Updated 09/10/2009, 03:51 PM

* Willis to cut Gras Savoye stake to about 33 pct-Tribune

* Astorg to buy 33 pct stake in Gras Savoye-La Tribune

PARIS, Sept 10 (Reuters) - U.S. insurance broker Willis Group Holdings Ltd will cut its stake in French insurer Gras Savoye and private equity firm Astorg Partners will buy a holding in Gras Savoye, French paper La Tribune reported.

La Tribune said Astorg would get a 33 percent stake in Gras Savoye in a deal that would place a 500 million euro ($728.9 million) value on the whole of Gras Savoye, which is unlisted.

Willis, which has previously said it might sell some of its Gras Savoye shareholding, would cut its stake to roughly 33 percent from around 46 percent, added the newspaper.

Gras Savoye's family shareholders and management would also cut their stake to around 33 percent from 49 percent at present.

Officials at Willis, Astorg and Gras Savoye could not be immediately reached for comment on the report. ($1=.6860 Euro) (Reporting by Sudip Kar-Gupta; Editing by Steve Orlofsky)

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