UBS Warburg was the sole bookrunner of a combined €2.8bn ($3.1bn) block trade and innovative mandatory exchangeable bond for Suez as the French water utility disposed of its stake in Fortis, the Dutch-Belgian insurer.

Suez said in a statement it was selling 120 million Fortis shares to raise €1.8bn. The company sold 50 million shares in a bought deal and 70 million shares through a mandatory three-year exchangeable bond into Fortis carrying an exit price of between €17 and €20.