Groupe Caisse d'Epargne's supervisory board has approved the new venture between its property arm Credit Foncier de France and Nexity, French daily La Tribune reported. Caisse d'Epargne will take a 38.2% stake in Nexity in exchange for 25% of Credit Foncier and other assets. Nexity will subsequently become the regional lender's property arm. Under French law, Caisse d'Epargne is obliged to launch a full bid for Nexity and will have to request the French stock market regulator AMF to make an exception.
Groupe Caisse d'Epargne's supervisory board has approved the new venture between its property arm Credit Foncier de France and Nexity, French daily La Tribune reported. Caisse d'Epargne will take a 38.2% stake in Nexity in exchange for 25% of Credit Foncier and other assets. Nexity will subsequently become the regional lender's property arm. Under French law, Caisse d'Epargne is obliged to launch a full bid for Nexity and will have to request the French stock market regulator AMF to make an exception.
Caisses d'Epargne's Credit Foncier and Nexity agreed on a share swap of 3.5 Nexity's shares for every two Credit Foncier shares at end-March.
