The AMF approves BPCE’s proposed public offer for minority interests in Natixis

Posted on Apr 18, 2021, 3:06 PMUpdated on Apr 18, 2021, 4:18 PM

New step taken in the plan to withdraw Natixis from the listing by BPCE. The Autorité des marchés financiers (AMF) has given the green light to the takeover bid by the central body of Caisses d’Epargne et des Banques Populaires on the investment bank, of which it already holds 70.5 %.

“The Autorité des marchés financiers declared the proposed public tender offer compliant on April 15, 2021 simplified “, she says on her website. The group still needs the green light from other regulators to launch its offer on the shares it lacks, for an amount of nearly 3.8 billion euros.

The AMF’s decision came the day after that of BPCE, announcing that the offer price of € 4 per Natixis share now includes coupon detached from the dividend of € 0.06, “Which will be paid before the opening of the offer”. The general meeting of shareholders is due to approve the dividend on May 28.

Some minority shareholders dispute the price

This slight improvement may not be sufficient for minority shareholders who consider the offer insufficient. The share was introduced in 2006 for 19.55 euros per share. It had fallen below 1 euro during the 2008 financial crisis, then below 2 euros last year, in the midst of the Covid-19 crisis.

The AMF says it has “Took note of the arguments presented by minority shareholders of Natixis”. They argue in particular that the offer price is lower than the bank’s historical prices, in particular its IPO price, Natixis’ net book value (5.40 euros per share) and the value of the participation in BPCE’s accounts (5.30 euros per share).

The authority considers in particular that “The reference to the introduction of Natixis on the regulated market is too old” or that the financial conditions of the offer meet the condition of the general regulations, its price being higher than the price determined by calculating the average share price, weighted by the volumes of transactions during the sixty trading days preceding its announcement, at the beginning of February.

BPCE and Natixis did not comment.

Leave a Reply

Your email address will not be published. Required fields are marked *