Groupama Agrees to Sell Part of Silic Stake to Caisse des Depots

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

To contact the editors responsible for this story: Frank Connelly at; Edward Evans at

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