KB Home sells French unit stake |
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Published
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Wed, 23 May 2007 11:35
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NEW YORK (AP) - Home builder KB Home said Wednesday it would sell its remaining interest in its French subsidiary to PAI Partners for about $736.3 million.KB said it would sell its 49 percent equity interest in Kaufman & Broad SA to PAI Partners for 50.17 euros per share. Kaufman & Broad will also pay its shareholders a cash dividend of 4.83 euros per share.KB Home's stake in the French unit totals about 10.9 million shares, the company said.KB said on May 11 it had received an offer for Kaufman & Broad SA, which represented about 21 percent of the parent company's revenue in the first quarter.The deal is expected to close in KB Home's third fiscal quarter of 2007.The sale comes amid a sharp downturn in the U.S. housing market, which had been one of the leading engines of the economy in recent years. A 'bubble' in home prices burst in many cities last year, and a spike in defaults in subprime loans further weakened the market this year.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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KB Home gets offer for French unit 