When a shareholder wishes to sell a block of shares without going through a stock exchange, he may contact a bank which undertakes to buy the shares at an agreed price, generally lower than the stock market price.
Once the agreeement has been signed, the bank immediately places the shares with French and international investors.
The shares are placed quickly, and the placement may be extended over a longer period of time due to the different time zones of the countries where the shares are being placed. Time is of the essence for the success of the placement, given the risk of a change in the share price.