Bpifrance and CDC Report Dilution and Share Sales in Valneva SE (VALN)
On May 12, 2026, a group of French entities including Bpifrance Participations S.A. and Caisse des DΓ©pΓ΄ts et Consignations (CDC) filed Amendment No. 5 to their Schedule 13D for Valneva SE. The filing reports a decrease in the group's relative ownership following a dilution event and open market sales. Specifically, Valneva completed an EUR84 million reserved offering of 15,893,817 new shares on May 5, 2026, in which the reporting persons did not participate. Independently, Bpifrance Participations sold 356,003 ordinary shares in March 2026 at prices ranging from EUR4.85 to EUR5.03. CDC Croissance also executed several trades, acquiring 130,000 shares and selling 289,645 shares during the same period. As of May 5, 2026, CDC beneficially owns 19,074,653 voting rights, representing a 9.3% stake based on the company's updated share capital. Bpifrance Participations holds 14,317,670 voting rights, or approximately 7.0% of the total. The reporting persons maintain their holdings for investment purposes and may adjust their positions based on ongoing market evaluations.