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Frère's GBL reaps €2.4bn from Bertelsmann

Groupe Bruxelles Lambert, the holding company of Belgian financier Albert Frère, has made a profit of €2.4bn ($3.07bn) on its investment in Bertelsmann, after it sold its 25.1% stake back to the German media conglomerate and shelved plans for an initial public offering.

In May, GBL agreed to sell its holding in Bertelsmann for €4.5bn, valuing the company at €17.9bn.

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