La Banque Postale announced Thursday that it had signed a memorandum of understanding with the BPCE group to buy back its stake in CNP Assurances, in order to subsequently withdraw it from the Paris Stock Exchange.
The public group, which currently owns a little over 62% of the capital of its subsidiary, first intends to buy back from the mutual banking group “all of its 16.1% stake” in the insurer “for a price of 21%. , 90 euros per share, ”he explains in a press release.
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He would then file a simplified public tender offer, proposing the same price per share, for the minority shareholders of CNP Assurances, "with a view to the squeeze-out from the quotation".
Under these conditions, the amount of the transaction would reach just over 5.5 billion euros.
In the first exchanges on the Paris Stock Exchange, shortly after 9:00 am, the title of CNP Assurances soared 35.18% to 21.73 euros, to approach the price offered by La Banque Postale.
Project of "a large public financial center"
This total takeover of CNP Assurances is part of the creation of a large public financial center, a project presented by the Minister of the Economy Bruno Le Maire in August 2018. “It would make it possible to consolidate the public pole of bancassurance by promoting the emergence of a simplified and integrated group, while preserving the multi-partner and international model that has made CNP Assurances so successful, ”the press release emphasizes.
In addition to this transaction, the memorandum of understanding provides that BPCE, through its subsidiary Natixis, will buy out La Banque Postale's stakes in the asset managers Ostrum (45%) and AEW Europe (40%), with a view to hold 100% of their capital.
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The two groups also agreed that they would strengthen and extend their industrial partnerships.
