NATIXIS has entered into exclusive negotiations for the sale of 35% of CACEIS capital
Natixis announced it had reached an agreement in principle with Crédit Agricole S.A. to enter into exclusive negotiations for the sale in cash to Crédit Agricole S.A of a 35% stake in CACEIS in the amount of €595 million.
If these negotiations are successful, Natixis will retain a 15% stake in the capital of CACEIS. Natixis’ Supervisory Board examined the terms of the project at its meeting today.
On this basis, the information and consultation process with employee representative bodies will be initiated.
Subject to obtaining the advice of employee representative bodies and the required authorizations, the sale could be finalized in the second quarter of 2009.
This sale is in line with the strategic refocusing announced in mid-2008 and implemented since then.
When the sale becomes effective, Natixis’ solvency will be strengthened with a positive impact of 0.40% on its Tier 1 ratio.