CDC, La Poste to Form Venture for Dexia Muni Assets, Union Says

France’s state-owned Caisse des Depots et Consignations and La Poste are joining with Dexia SA (DEXB) to create a new company to take over Dexia’s French municipal lending arm, La Poste’s union said.

The company would be 65 percent owned by CDC, 5 percent by La Poste and 30 percent by Dexia, according to a statement today from the La Poste union whose representatives attended a board meeting yesterday where the plan was presented.

Separately, La Poste and CDC plan to create a joint venture to sell new loans to local governments, the union said. The venture, owned 65 percent by La Poste and 35 percent by CDC, would take on the staff of Dexma, the French municipal lending unit of Dexia, according to the statement.

To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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