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Natixis's Board of Directors met today and acknowledged BPCE S.A.'s intention to file a project of tender offer to acquire the c. 29.3% of Natixis S.A.’s capital it does not already own1, at a price of 4 euros per Natixis share (cum dividend).
BPCE intends to execute a mandatory squeeze-out procedure for all securities not held by BPCE in the event that minority shareholders do not hold more than 10% of the Company's capital and voting rights following the period of the tender offer.
The proposed offer would be part of an ambitious strategic project that Groupe BPCE intends to examine to underpin Natixis’s future growth and simplify its support functions, which includes the following initiatives:
Based on a proposal of the ad hoc committee and in accordance with the stock market regulations, the Board of Directors has also appointed the financial firm Ledouble as independent expert in charge of providing a view as to the fairness of the terms of the tender offer, including in case of a mandatory squeeze-out would be implemented. The ad hoc committee will also be in charge of monitoring the work of the independent expert.
The independent members of the Board of Directors have met several times ahead of the announcement to carry out a first assessment of the proposed transaction. The Board of Directors of Natixis, on proposal of its independent members, has positively welcomed the proposed offer by BPCE.
Natixis will keep its shareholders informed of the main developments of this project and workers’ councils will be notified in accordance with applicable regulations.
BPCE intends to execute a mandatory squeeze-out procedure for all securities not held by BPCE in the event that minority shareholders do not hold more than 10% of the Company's capital and voting rights following the period of the tender offer.
The proposed offer would be part of an ambitious strategic project that Groupe BPCE intends to examine to underpin Natixis’s future growth and simplify its support functions, which includes the following initiatives:
- The transfer of Natixis’s insurance and payments activities, which support the Banque Populaire and Caisse d’Epargne networks, to BPCE S.A. within the Groupe BPCE's retail businesses, alongside the Retail Banking and Insurance activities and the Financial Solutions and Expertise; the terms and conditions of such transfer would be examined at a later stage;
- The combination of the global businesses of the Groupe BPCE covering large clients into a “Global Financial Services” structure. This would comprise asset and wealth management activities (“Natixis Investment Managers”, “Natixis Wealth Management”) and corporate and investment banking activities (“Natixis Corporate and Investment Banking”);
- A simplified organizational structure for the support functions of BPCE, Natixis and its businesses.
Based on a proposal of the ad hoc committee and in accordance with the stock market regulations, the Board of Directors has also appointed the financial firm Ledouble as independent expert in charge of providing a view as to the fairness of the terms of the tender offer, including in case of a mandatory squeeze-out would be implemented. The ad hoc committee will also be in charge of monitoring the work of the independent expert.
The independent members of the Board of Directors have met several times ahead of the announcement to carry out a first assessment of the proposed transaction. The Board of Directors of Natixis, on proposal of its independent members, has positively welcomed the proposed offer by BPCE.
Natixis will keep its shareholders informed of the main developments of this project and workers’ councils will be notified in accordance with applicable regulations.
.... ti avevo detto che ero stato lontano dal monitor oggi 
