BPCE Intends To Buy Out Natixis

(RTTNews) - French banking group BPCE SA Tuesday announced its intention to acquire rest of the stake in Natixis S.A. that it does not already own.

BPCE is in advanced discussions about a potential offer to buy out minority shareholders of its listed investment banking unit Natixis SA.

BPCE S.A. intends to file a project of tender offer to acquire the 29.3% of Natixis S.A.'s capital at a price of 4 euros per share.

BPCE intends to execute a mandatory squeeze-out procedure for all securities not held by BPCE in the event that minority shareholders do not hold more than 10% of the company's capital and voting rights following the period of the tender offer.

Minority shareholders own stock worth about 3.5 billion euros based on Monday's closing price, according to data compiled by Bloomberg.