Bpifrance Files Amendment for Valneva SE Holdings

TL;DR

Bpifrance updated its stake in Valneva SE. Check the filing for details.

AI Summary

Bpifrance Participations SA, along with its group members Caisse des Dépôts et Consignations, CDC Croissance S.A., and EPIC Bpifrance, filed an amendment (No. 2) to their Schedule 13D on September 20, 2024, regarding their holdings in Valneva SE. The filing indicates a change in their beneficial ownership of Valneva SE's ordinary shares.

Why It Matters

This amendment signals a potential shift in the ownership structure or investment strategy of a significant shareholder in Valneva SE, which could influence the company's future direction.

Risk Assessment

Risk Level: medium — Changes in significant shareholder filings can indicate shifts in control or strategy, impacting stock price and company direction.

Key Numbers

• 2 — Amendment Number (Indicates this is the second update to the filing.)

Key Players & Entities

• Bpifrance Participations SA (company) — Filing entity
• Valneva SE (company) — Subject company
• Caisse des Dépôts et Consignations (company) — Group member
• CDC Croissance S.A. (company) — Group member
• EPIC Bpifrance (company) — Group member
• Sophie Paquin (person) — Contact person

FAQ

Filing Documents

• tm2424394d1_sc13da.htm (SC 13D/A) — 134KB
• tm2424394d1_ex99-1.htm (EX-99.1) — 14KB
• 0001104659-24-101683.txt ( ) — 150KB

Security

Item 1. Security and Issuer.

is hereby amended and restated in its entirety as follows

Item 1 is hereby amended and restated in its entirety as follows: This Schedule 13D relates to the Ordinary Shares, nominal value €0.15 per share (the “Ordinary Shares”) of Valneva SE (the “Issuer”). The Issuer’s principal executive offices are located at 6 rue Alain Bombard, 44800 Saint-Herblain, France.

Identity

Item 2. Identity and Background.

is hereby revised and supplemented with the following

Item 2 is hereby revised and supplemented with the following: Attached as Appendices A, B, C, D and E to Item 2 is information concerning the executive officers and directors of Bpifrance Participations, Bpifrance, CDC, EPIC, and CDC Croissance respectively, required to be disclosed in response to Item 2 and General Instruction C to Schedule 13D. None of the Reporting Persons, nor, to the best of their knowledge, any of the persons referred to in Appendices A, B, C, D and E to Item 2 has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws.

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration.

is hereby revised and supplemented with the following

Item 3 is hereby revised and supplemented with the following: CDC Croissance used its working capital to purchase the Ordinary Shares. Item 4. Purpose of Transaction.

is hereby revised and supplemented

Item 4 is hereby revised and supplemented with the following: From June 1, 2024 through September 17, 2024, CDC Croissance purchased 902,528 ordinary shares in the open market. The details of certain purchases by CDC Croissance are provided in Item 5 below. All of the Ordinary Shares that are held of record by the Reporting Persons as reported herein were acquired for investment purposes. The Reporting Persons retain the right to change their investment intent, from time to time to acquire additional Ordinary Shares or other securities of the Issuer, or to sell or otherwise dispose of all or part of the Ordinary Shares or other securities of the Issuer, if any, beneficially owned by them, in any manner permitted by law. The Reporting Persons may engage from time to time in ordinary course transactions with financial institutions with respect to the securities described herein. Page 7 Except as set forth above, none of the Reporting Persons currently has any plans or proposals which would be related to or would result in any of the matters described in Items 4(a)-(j) of the Instructions to Schedule 13D. However, as part of the ongoing evaluation of investment and investment alternatives, the Reporting Persons may consider such matters and, subject to applicable law, may formulate a plan with respect to such matters, and, from time to time, may hold discussions with or make formal proposals to management or the board of directors of the Issuer or other third parties regarding such matters.

Interest

Item 5. Interest in Securities of the Issuer.

is hereby revised and supplemented with the following

Item 5 is hereby revised and supplemented with the following: Please see Items 5, 6, 7, 8, 9 and 11 of each cover sheet for each filing entity, which is incorporated herein by reference. As of September 17, 2024, (i) Bpifrance Participations held directly 8,639,886 Ordinary Shares and 17,259,364 Voting Rights, and (ii) CDC Croissance held, through CDC PME CROISSANCE, 5,473,240 Ordinary Shares and 5,473,240 Voting Rights. Neither Bpifrance nor EPIC held any Ordinary Shares directly. Bpifrance may be deemed to be the beneficial owner of 8,639,886 Ordinary Shares and 17,259,364 Voting Rights indirectly through its 99.99% ownership of Bpifrance Participations. EPIC may be deemed to be the beneficial owner of 8,639,886 Ordinary Shares and 17,259,364 Voting Rights indirectly through its joint ownership and control of Bpifrance. CDC may be deemed to be the beneficial owner of (x) 8,639,886 Ordinary Shares and 17,259,364 Voting Rights, indirectly through its joint ownership and control of Bpifrance, (y) 5,473,240 Ordinary Shares and 5,473,240 Voting Rights, indirectly through its ownership of CDC Croissance and (z) 708 Ordinary Shares and 708 Voting Rights, indirectly through its ownership of CNP Assurances. The 2024, as reported by the Issuer on September 15, 2024. (a) See also the information contained on the cover pages of this Schedule 13D, which is incorporated herein by reference. (b) See the information contained on the cover pages of this Schedule 13D, which is incorporated herein by reference. (c) There have been no reportable transactions with respect to the Ordinary Shares of the Issuer within the last 60 days by the Reporting Persons, or, to the best of their knowledge, any of the persons referred to in Appendices A, B, C, D and E to Item 2, other than as described in this Amendment below: CDC Croissance effected the foll

Material to Be Filed as Exhibits

Item 7. Material to Be Filed as Exhibits. Exhibit Description 99.1 Joint Filing Agreement, dated as of September 19, 2024, by and among the Reporting Persons. Page 9 SIGNATURE After reasonable inquiry and to the best of the undersigned’s knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: September 19, 2024 Bpifrance Participations S.A. By: /s/ Sophie Paquin Name: Sophie Paquin Title: Director of Legal Affairs Caisse des dépôts et consignations By: /s/ Laurence Giraudon Name: Laurence Giraudon Title: Chief Operating Officer, Finance and Operations Department, Asset Management Division EPIC Bpifrance By: /s/ Sophie Paquin Name: Sophie Paquin Title: Director of Legal Affairs Bpifrance S.A. By: /s/ Boubakar Dione Name: Boubakar Dione Title: Group Director of Legal Affairs CDC Croissance S.A. By: /s/ Aude de Lardemelle Name: Aude de Lardemelle Title: Executive Director Page 10 APPENDIX A Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of BPIFRANCE PARTICIPATIONS S.A. The name, business address and present principal occupation or employment of each of the directors and executive officers of Bpifrance Participations S.A. are set forth below. The business address of each director and executive officer is Bpifrance Participations S.A., 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France. BOARD OF DIRECTORS Name Present Principal Occupation or Employment NICOLAS DUFOURCQ Director, Chairman, Chief Executive Officer of Bpifrance Participations , and Chief Executive Officer of Bpifrance MARION CABROL Director , Investment manager at the Department of strategic holdings at Caisse des D&ea

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View this SC 13D/A filing on SEC EDGAR