La Banque Postale already held just over 85% of the capital of CNP Assurances.
La Banque Postale holds more than 97% of the shares of CNP Assurances at the close of the takeover bid launched on May 2, announced the Autorité des marchés financiers (AMF) on Friday, paving the way for the insurer to be delisted. . “At the closing of the simplified tender offer, the initiator (La Banque Postale, editor’s note) holds (…) 97.67% of the capital and 98.49% of the voting rightsfrom CNP Assurances, the AMF said in a press release.
A price of €20.90 per share
The Postal Bank was pleased in the wake of this result and confirmed its desire to take the insurer out of the stock market. The public bankwill submit in the coming days a request for the implementation of a squeeze-out procedure with the AMF“, she explains. This operation presented at the end of October is a capital step in the creation of a large public financial center under the aegis of La Poste. The public purchase offer (OPA) ran until May 31 but the result was only made public on Friday, due to the integration of all the orders. The price offered to shareholders was 20.90 euros per share, i.e. that announced in October, less one euro paid in April as a dividend. La Banque Postale already held just over 85% of the capital of CNP Assurances before the takeover bid. She then made no secret of her ambition to take the insurer out of the stock market once the threshold of 90% ownership was crossed.
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The takeover of CNP Assurances “brings more operational simplicity and increases group revenue“, explains a source close to the file. La Banque Postale only increased its stake in CNP Assurances, notably by acquiring the 16.1% stake in the BPCE group in mid-December. In total, the operation will have cost him 5.7 billion euros.
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