By  on December 3, 2009

PARIS — PPR SA has raised 806 million euros, or $1.21 billion at current exchange rates, from the stock market listing of a majority stake in CFAO, its African distribution business.

The French retail-to-luxury group sold 31 million shares, representing 50.39 percent of CFAO’s capital, at 26 euros, or $39.13, each — just below the midpoint of an indicated price range of between 24.80 euros and 29 euros, or $37.32 and $43.64.

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