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BlackRock raises stake in scandal-hit French care group Orpea’s


© Reuters. FILE PHOTO: A view shows the logo of French care homes company Orpea at the entrance of a retirement home (EHPAD – Housing Establishment for Dependant Elderly People) in Reze near Nantes, France, February 2, 2022. REUTERS/Stephane Mahe

PARIS (Reuters) -Asset manager BlackRock crossed the 5% threshold in scandal-hit French elderly care home operator Orpea folllowing the purchase of shares on and off the market, stock market watchdog AMF said in a regulatory filing on Wednesday.

Blackrock (NYSE:), acting for clients and funds, now owns 5.27% of the capital and 4.39% of the voting rights of Orpea, it said.

Orpea, one of Europe’s biggest for-profit care home groups alongside French rival Korian, has lost more than half its market value since the first extracts of a book alleging malpractice in its care homes were published on Jan. 24.

The French government has said it would launch a wide-ranging investigation into the firm, which has repeatedly denied the alleagations against it.

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