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28.08.2008

Wendel 1st Half Net Profit Up 29% On Good Group-Wide Performance

PARIS -(Dow Jones)- French holding company Wendel (MF.FR) said Thursday its first-half net profit rose 29% due to a good performance from all of the group's subsidiaries.

PARIS -(Dow Jones)- French holding company Wendel (MF.FR) said Thursday its first-half net profit rose 29% due to a good performance from all of the group's subsidiaries.

Net profit rose to EUR313.8 million from EUR243.2 million a year earlier.

Net profit from its investment in certification services business group Bureau Veritas (BVI.FR) rose 20% to EUR111 million from EUR92.7 million a year earlier.

Net income from French electrical equipment maker Legrand SA (1030781.FR) rose 11% to EUR75.6 million to EUR67.9 million a year earlier.

Wendel recorded a EUR67.1 million net profit from its investment in French construction materials group Compagnie de Saint-Gobain SA (12500.FR). The investment was included for the first time in Wendel's earnings. Wendel holds 21.5% of Saint-Gobain.

Wendel also maintained its targets for 2012. Wendel expects to double its revised net asset value by 2012 compared to 2006.

At the end of August, Wendel had a net asset value of EUR80 a share.

Wendel also said it "successfully increased its Saint-Gobain non recourse financings (with margin calls) by one year, bringing the maturities of those financings to 2011-2013 in line with Wendel's policy as long-term shareholder."

Company Web site: www.wendelgroup.com

-By Alice Dore, Dow Jones Newswires; +33 1 4017 1740; alice.dore@dowjones.com

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