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Groupama Board Agrees to Combination of Silic With CDC’s Icade

Dec. 30 (Bloomberg) -- Groupama SA, the French insurer hurt by Greek sovereign debt losses and declines in stock holdings, said its board agreed to merge its stake in Silic SA with Caisse des Depots et Consignations’s Icade SA unit.

Under the plan, the insurer today transferred a 6.5 percent stake in Silic to a CDC holding company that controls Icade. Four shares of the real-estate company Silic were exchanged for five shares of Icade, Groupama said in an e-mailed statement. After approval from the French competition authority, Groupama will transfer its remaining 37.5 percent stake in Silic to the holding company.

The Silic-Icade combination will create a real estate company holding business parks and offices in France with assets of more than 9 billion euros ($11.7 billion), the company said.

Earlier today, Groupama said CDC will inject 300 million euros in its unit Gan Eurocourtage.

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 1.31 billion euros.

To contact the reporter on this story: Vidya Root in Paris at vroot@bloomberg.net

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

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