Groupama SA, the French insurer hurt by losses on Greek sovereign debt and stock investment declines, said it will sell part of its stake in real-estate company Silic SA to state-owned Caisse des Depots et Consignations.
The insurer will sell about a 6.5 percent stake in Silic in exchange for about a 2.7 percent stake in Caisse des Depots unit Icade (ICAD) SA, the companies said in an e-mailed statement today. Icade will at a later stage make a public offer for all of Silic’s shares, the companies said. The exchanges will be based on a ratio of five Icade shares for four Silic shares, the companies said.
CDC will also inject 300 million euros ($391 million) in Groupama’s unit Gan Eurocourtage by subscribing to preferred shares, the companies said.
CDC, the Paris-based state-owned bank, and customer-owned Groupama said Dec. 4 they were in talks about CDC participating in Silic through an exchange with Icade shares. The Paris-based insurer owns a 44 percent stake in Silic, which has a market value of 1.22 billion euros.
Groupama named Thierry Martel as chief executive officer in October, ending the 11-year-long tenure of his predecessor, Jean Azema. The company approved on Nov. 25 a 500 million-euro capital injection from the group of regional insurance firms that own its holding company to help improve solvency “flexibility.”
To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at firstname.lastname@example.org