BNP Paribas SA has crossed the 5% voting rights threshold in Bodycote plc (BOY), the FTSE-listed thermal processing and heat treatment specialist headquartered in Macclesfield, England. The French banking group filed a TR-1 major holdings notification on 12 November 2026, confirming the threshold was breached on 11 November 2026. The combined position, including shares and financial instruments, reached 5.159581% of Bodycote's total voting rights, up from a previous notified position of 4.809490%. Investors in Bodycote, which provides specialist heat treatment services to aerospace, automotive, and industrial customers across multiple geographies, may note this as a material shift in the company's shareholder register.

Key Points

  • Bodycote plc (BOY), UK-listed thermal processing services group
  • BNP Paribas SA crossed the 5% voting rights threshold in Bodycote on 11 November 2026
  • Total combined position: 5.159581%, comprising 5.118042% in direct shares and 0.041539% via cash-settled swaps; total voting rights held: 8,780,988
  • Investors should watch whether BNP Paribas SA increases or reduces its holding further, which would trigger an additional TR-1 disclosure obligation

BNP Paribas SA Holds 8,710,293 Direct Voting Rights in Bodycote via BNP Paribas Financial Markets

According to the TR-1 notification, BNP Paribas SA holds its Bodycote stake primarily through its controlled entity BNP Paribas Financial Markets, which is registered in Paris, France. Of the total 8,780,988 voting rights reported, 8,710,293 are held directly as shares under ISIN GB00B3FLWH99, representing 5.118042% of Bodycote's voting rights. This direct share holding forms the dominant component of the overall position and is disclosed under DTR5.1 of the UK Financial Conduct Authority's Disclosure and Transparency Rules, which govern major shareholder notifications for UK-listed issuers such as Bodycote.

Three Cash-Settled Swaps Account for Remaining 0.041539% of BNP Paribas SA's Bodycote Exposure

Alongside the direct shareholding, BNP Paribas SA holds an additional 70,695 voting rights through three cash-settled swap instruments classified under DTR5.3.1R.(1)(b). The swaps carry expiration dates of 1 July 2027, 12 May 2028, and 27 July 2027, contributing 0.024219%, 0.000016%, and 0.017304% of voting rights respectively. As cash-settled instruments, they carry economic exposure to Bodycote's equity performance but do not confer direct voting rights upon conversion, distinguishing them from physically settled instruments that would directly alter the voting share count.

Previous BNP Paribas Notification Stood at 4.809490%, Marking a Rise of Approximately 0.35 Percentage Points

The announcement states that BNP Paribas SA's previous notified position in Bodycote stood at 4.809490% in total, comprising 4.781342% in shares and 0.028148% through financial instruments. The move above the 5% threshold represents a meaningful step-up under UK disclosure rules, which require fresh notification each time a holder crosses a whole-number percentage threshold. Bodycote, which operates heat treatment facilities across Europe and North America serving sectors including aerospace and energy, is now subject to any further disclosures should BNP Paribas SA's position move across another threshold in either direction.