The insurance business of Credit Mutuel has announced plans to file a buyout offer followed by a squeeze-out for the shares of listed property arm Foncière Massena.
The insurance business of Credit Mutuel has announced plans to file a buyout offer followed by a squeeze-out for the shares of listed property arm Foncière Massena.
Credit Mutuel, which holds 99.65% of the voting rights in Foncière Massena, will pay minority investors EUR 13.65 per share. The proposed delisting is expected to be filed with the French stock market regulator AMF in May 2012.
Listed on Euronext Paris, Foncière Massena is a real estate investment company with a EUR 1 bn portfolio consisting of 126 office, retail and residential assets.
