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Provider: Reuters Investment Profile
Provider: Wright Reports

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Dexia SA Updates on H1 2013 Disposals and Reorganization

Wednesday, 7 Aug 2013 01:00am EDT 

Dexia SA announced that on March 28, 2013, Dexia sold Dexia Kommunalkreditbank Polska, the Polish subsidiary of Dexia Kommunalkredit. Bank, to Getin Noble, and on April 2, 2013 Dexia SA finalized the sale of Dexia Bail, a 100% subsidiary of Dexia Credit Local, to Sofimar. Following the opening of exclusive negotiations on June 4, 2013, Dexia SA signed a share purchase agreement related to the sale of Sofaxis with a consortium led by the Societe Hospitaliere d’Assurances Mutuelles (SHAM) on June 28, 2013. Finalization of this sale, which is still subject to the approval of the regulatory authorities, is expected during the third quarter of 2013. On July 12, 2013, the Austrian banking subsidiary of Dexia Credit Local, Dexia Kommunalkredit Bank (DKB) was dissolved without liquidation by a cross-border merger by 100% absorption by its parent company, Dexia Credit Local, which in this way acquires all of the assets and liabilities of DKB. This merger also falls within the framework of the orderly resolution plan, aiming for a simplification of the legal organization of the Dexia Group, and a rationalization of the management of the Group’s assets. Finally, on July 30, 2013, Dexia fell compelled formally terminate the share purchase agreement concerning Dexia Asset Management (DAM) concluded on December 12, 2012 with GSC Capital. The purchaser has been unable to fulfill its contractual payment obligations since the closing date initially planned for June 28, 2013 

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0.0010 +1.72%
8:45am EDT