Deals
La Banque Postale to Buy Out CNP in Largest 2021 Insurance Deal
- Lender offers 21.90 euros per share for BPCE stake, free float
- Full take over would value CNP at roughly 15 billion euros
Photographer: Joel Saget/AFP/Getty Images
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French lender La Banque Postale is offering to buy the shares it doesn’t already own in CNP Assurances, valuing the firm at some 15 billion euros ($17 billion) in what stands to be the largest takeover of an insurer this year.
The Paris-based bank agreed to acquire the 16% stake in the insurer held by French banking group BPCE for 21.90 euros per share, and will make a takeover offer for the remaining 21% free float at the same price, according to a statement on Thursday.