Caisse d'Epargne will become Nexity's core shareholder taking over at least 38% of the property developer. The two groups said that Nexity will subsequently become the regional lender's property arm. In exchange, Nexity will also take a 25% stake in Caisse d'Epargne's real-estate finance unit Credit Foncier. A final agreement is expected by the end of April.
Caisse d'Epargne will become Nexity's core shareholder taking over at least 38% of the property developer. The two groups said that Nexity will subsequently become the regional lender's property arm. In exchange, Nexity will also take a 25% stake in Caisse d'Epargne's real-estate finance unit Credit Foncier. A final agreement is expected by the end of April.
Caisses d'Epargne's Credit Foncier and Nexity have agreed on a share swap of 3.5 Nexity's shares for every two Credit Foncier shares at the end of March. This was an alternative to Caisse D'Epargne's original takeover plan, which was abandoned in the face of regulatory and financial obstacles.