Cnp assurances: After its successful takeover by Banque Postale, CNP Assurances will leave the Stock Exchange

(BFM Bourse) – CNP Assurances will soon bid farewell to the Paris Stock Exchange. With more than 97% of the capital of the life insurer in its hands, La Banque Postale will proceed with the compulsory delisting of CNP Assurances.

It is a success! La Banque Postale will soon put an end to the course of CNP Assurances on the Paris Stock Exchange, even though the insurer had been listed there since 1998. Following its simplified takeover bid initiated at the beginning of May, La Banque Postale announces directly hold 97.67% of the capital and 98.49% of the voting rights of CNP Assurances.

Consequently, La Banque Postale will submit a request for the implementation of a squeeze-out procedure to the AMF in the coming days. The bank insurer having managed to cross the threshold of 90% of the capital of the life insurer, the stock market regulations authorize it to take over the shares of the last minority shareholders who did not contribute to the offer. The squeeze-out will be carried out under the same financial conditions as the simplified tender offer, i.e. 20.90 euros per CNP Assurances share (dividend of 1 euro detached) and will be the subject, in particular, of an opinion from the MFA

At the beginning of May, La Banque Postale held 85% of the capital of CNP Assurances. The bank then intended to accelerate the process of acquiring the balance of the insurer’s capital that it did not yet hold.

The birth of a future “major public financial center”

La Banque Postale is therefore pleased with the success of this public offer, which marks a “major step” in the creation of the large public financial center announced by the Minister of Economy and Finance Brun Le Maire in 2018. Under the aegis of the Caisse des dépôts et des consignations (CDC), the operation gave birth in March 2020 to a “large public financial center”. Above all, it aims to strengthen a Banque Postale which suffered from its dependence on the delivery of mail, its historical activity in decline.

This merger operation will “consolidate the public bancassurance division by promoting the emergence of a simplified and integrated group, while preserving the multi-partner and international model that has made CNP Assurances so successful.” La Banque Postale will continue to transfer its non-life insurance activities to CNP Assurances, “in order to accelerate the current strategy of diversification” of the subsidiary and to make it its “sole insurer”. The takeover of CNP Assurances thus cost the Banque Postale 5.7 billion euros.

Sabrina Sadgui

©2022 BFM Bourse

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