What is the aim of this public general interest hub?
How will the project be implemented?
Through contributions from the State and Caisse des Dépôts to La Poste, and from La Poste to La Banque Postale, of their respective shares of 1.11% and 40.87% in CNP Assurances. Caisse des Dépôts would therefore hold the majority of La Poste shares*, and La Banque Postale’s contribution towards CNP Assurance’s share capital - whose multi-partner model is cemented through this project - would increase to 62.13%.
What steps must still be taken?
- receive a derogation from the French Securities Regulator (AMF) from the obligation to issue a call for tender for the CNP Assurances shares (Caisse des Dépôts, La Poste and La Banque Postale have already made the request);
- successfully complete the information and consultation procedures involving the employee representative bodies of the entities;
- receive the respective decisions issued by Caisse des Dépôts’ supervisory board, La Poste’s board of directors and La Banque Postale’s supervisory board;
- sign a binding memorandum of understanding;
- receive regulatory authorisations from competent authorities.
The transaction should be completed during the first quarter of 2020.
* This change is now possible with the Act on growth and corporate transformation (PACTE act)