Tuesday night, the Caisse des Depots (CDC) and the insurer Groupama announced that they would be the first tenure of office and business parks in France unpatrimoine more than 9 billion eurosThis alliance was made necessary by the uncertainty around the financial situation of the mutual insurer and go through a merger of real estate property Icade (CDC) and Silic (Groupama) in a joint venture with the public institution will be controlled by, a joint
The draft agreement, as part of exclusive negotiations, states that the CDC also injected 300 million eurosdans EUROCOURTAGE the broker, a subsidiary of Groupama
The transaction will be completed in three stages: 1 - Groupama will transfer the Deposit to about 6.5% stake in Silic, in exchange for direct or indirect capital Icade about 2.7%On the occasion of this, the CDC will provide all of its interest in Icade to a holding company controlled by it2 - Groupama will provide the balance of its interest in the holding Silic3 - Icade will file a tender offer (the offer) on the principal balance of silica, the holding company's commitment to bring to the public offering of its entire stake of 44% stake in SilicThese steps must be based on an exchange ratio of 5 shares for 4 shares Icade Silic, 2011 coupons attachedIcade plans to distribute more than in 2012, under the year 2011, a dividend of 3.70 euros per share Icade, a portion of the dividend may take the form of a special dividend"Extra strong" for Groupama Throughout and after the operation, the new company will be mainly controlled by the Caisse des Depots, told AFP Icade CEO Serge GrzybowskiThe investment of 300 million euros from the CDC in EUROCOURTAGE, the third player in the brokerage industry in France, will strengthen its financial"These two operations are positive for the Deposit and part of its policy of prudent long-term investorAs part of the Greater Paris, lerapprochement Icade Silic and create the first commercial property and offices in France, "said Augustin de Romanet, CEO of the CDC, quoted in the pressAccording to Thierry Martel, Managing Director of Groupama, "these operations have also the effect of reinforcing the financial strength of Groupama"Very concerned about the financial health of the enterprise and employment, an inter-union CFDT, CGT, CFE-CGC group voted Nov. 3 to a resolution unanimously to trigger a warning right at a central works council and appointed a firm (Secafi-Alpha)MMartel was found Sunday incomprehensible decision to consider lowering the rating to two notches of the mutual insurer of the rating agency Standard and Poor's (S & P), while Groupama had told them to be negotiating with the CDCFriday, the agency had expressed concern that "the financial situation and level of regulatory solvency of the group are further weakened in a very difficult gait to the point they are no longer consistent with a BBB rating"
Source: AFP |
