Caisses d'Epargne's real estate lending arm Credit Foncier and property developer Nexity have agreed on a share swap of 3.5 Nexity's shares for every two Credit Focier shares. This is an alternative to Caisse D'Epargne's original takeover plan, which has been abandoned in the face of regulatory and financial obstacles. Instead, Caisse D'Epargne will take a 35% stake in Paris-listed Nexity, French newspaper Les Echos reported. In exchange, Nexity will take 20% of Credit Foncier.
Caisses d'Epargne's real estate lending arm Credit Foncier and property developer Nexity have agreed on a share swap of 3.5 Nexity's shares for every two Credit Focier shares. This is an alternative to Caisse D'Epargne's original takeover plan, which has been abandoned in the face of regulatory and financial obstacles. Instead, Caisse D'Epargne will take a 35% stake in Paris-listed Nexity, French newspaper Les Echos reported. In exchange, Nexity will take 20% of Credit Foncier.
