PARIS, October 28 (Reuters) – La Banque Postale will take over the 16.1% stake in CNP Assurances held by the BPCE group and launch an offer on the remaining capital of the insurance group that it wishes to exit from the side.

The operation will be carried out at a price of 21.90 euros per share, La Banque Postale and BPCE said in a joint press release published on Thursday.

This transaction is part of the project to set up a large public financial center, the principle of which was announced in 2018 by the Minister of the Economy, Bruno Le Maire.

Following the repurchase by BPCE, La Banque Postale, a public institution, will hold 78.9% of the capital of CNP compared to 62.8% currently. The offer on the remaining capital should be launched in the first quarter of 2022.

“The simplification of the shareholding of CNP Assurances will make it possible to strengthen the efficiency of our bancassurer model and to accelerate its multi-partner and international expansion”, declared in a press release Philippe Heim, Chairman of the Management Board of La Banque. Postal.

In a note, analysts at Berenberg believe that the valuation proposed by La Banque Postale is “reasonable” and that the operation will strengthen the position of CNP Assurances.

On the Paris Stock Exchange, CNP Assurances shares soared 34.99% to 21.7 euros at 11:34 am, approaching the offer price.

CNP Assurances said Thursday that its board of directors met in the morning to discuss the transaction and decided to set up an ad hoc committee to monitor the progress of the offer.

At the same time, La Banque Postale and BPCE announced that they had entered into exclusive negotiations concerning their asset management activities.

Thus, BPCE, through Natixis Investment Managers (a wholly-owned subsidiary of Natixis), could acquire minority stakes held by LBP in Ostrum (45%) and AEW Europe (40%), with a view to holding 100% of the capital of two management companies.

Whether for insurance or asset management activities, the two groups said they plan to continue their current contractual relationship.

In particular, they plan to initiate discussions with CNP Assurances to extend the industrial partnership in savings and provident schemes, currently in force until 2030, which would be extended until 2035. (Report Jean-Michel Bélot and Blandine Hénault, edited by Jean -Michel Bélot)

La Banque Postale will launch a takeover bid on CNP Assurances at 21.90 euros / share | Dow jones

CNP Assurances: La Banque Postale will launch a purchase offer at 21.90 euros per security | Dow jones

CNP Assurances: La Banque Postale will launch a purchase offer at 21.90 euros per security | Dow jones

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