Banque Postale already owned just over 85% of CNP Assurances’ capital.
The postal bank holds more than 97% of CNP Assurances shares at the close of the takeover bid launched on May 2, the Autorité des marchés (AMF) announced on Friday, paving the way for an exit from the insurer’s rating . «At the close of the simplified takeover bid, the originator (La Banque postale, ed.) Holds (…) 97.67% of the capital and 98.49% of the voting rights»By CNP Assurances, indicated the AMF in a communiqué.
A price of € 20.90 per share
The postal bank is blessed with a foul on this result and has confirmed its desire to go out to the Bourse insurer. At the public bank «will make a request in the next few days for the implementation of a mandatory withdrawal procedure with the AMFShe explains. This operation, presented in October, is a milestone in the establishment of a large public financial hub under the auspices of La Poste. The takeover bid (OPA) ran until May 31 but the result was not made public until Friday, due to the integration of all orders. The price offered to shareholders was € 20.90 per share, which was announced in October, minus one euro paid in April as a dividend. Prior to the takeover bid, Banque Postale already held just over 85% of CNP Assurances’ capital. It did not hide its ambition to remove the insurer from the rating once the 90% detention threshold was reached.
CNP Assurances Control Award «it brings more operational simplicity and increases the group’s revenueSays a source close to the case. The Postal Bank has only increased the capital of CNP Assurances, in particular the mid-December purchaser of the 16.1% stake in the BPCE group. In total, the operation will have cost him 5.7 billion euros.
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