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UPDATE 1-Insurer CNP to sell stake in Portuguese firm

Thu Nov 12, 2009 12:28pm EST

Stocks

   

* To sell stake in Global Seguros to Rentipar Seguros

* CNP says deal to result in net capital gain of 25 mln eur

PARIS, Nov 12 (Reuters) - French insurer CNP (CNPP.PA) has agreed to sell its stake in Portugal's Global Seguros insurer to rival Rentipar Seguros, in a deal which CNP said would net it a capital gain of 25 million euros ($37.5 million).

CNP added in a statement on Thursday that the transaction would boost its solvency ratio by around 0.7 percent.

French state-owned bank Caisse des Depots (CDC), the country's Post Office and mutually-owned bank Groupe Caisse d'Epargne together own roughly 75 percent of CNP.

CNP shares closed up 0.7 percent at 70.39 euros, giving the company a market capitalisation of around 10.5 billion euros. ($1=.6668 euros) (Reporting by Sudip Kar-Gupta; Editing by Greg Mahlich)



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