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Credit Agricole SA Enters into Exclusive Negotiations with Societe Generale over Newedge / Amundi

Thursday, 7 Nov 2013 01:03am EST 

Credit Agricole SA announced that it has entered into exclusive negotiations with Societe Generale concerning the following transactions: the disposal by Credit Agricole CIB of its 50% stake in the Newedge Group to Societe Generale, their brokerage joint venture, for EUR 275m; the concurrent acquisition by Credit Agricole SA from Societe Generale of a 5% stake in Amundi, their jointly owned asset management company, for an amount of EUR 337.5m. Following this acquisition, Credit Agricole would own 80% of Amundi and Societe Generale, 20%. This sale would not have any impact on the current governance structure of the company. Amundi would remain a provider of savings solutions across Societe Generale`s retail banking networks. Within the framework of the transaction, these distribution agreements would be extended through the end of 2019 from the initial expiration date scheduled for the end of 2014. 

Company Quote

-0.0050 -0.05%
19 Dec 2014