|
contents | business | |||||||||
| CNCE & Nexity continue discussions France's leading developer of residential and corporate real estate, Nexity and the Caisse Nationale des Caisses d'Epargne have signed a letter opening exclusive negotiations in order to continue discussions for the creation of a real estate leader, encompassing real estate development activities, real estate services activities, the holding of real estate assets in a portfolio and the providing of specialized loans to individuals, companies and local authorities. Nexity and the Caisse Nationale des Caisses d'Epargne plan to continue to study this joint industrial and managerial project, including its value creation prospects. The main aspects of the project, as currently contemplated, are the following: - The scope of the contemplated merger with Nexity encompasses all of the private sector real estate activities of the Caisse d'Epargne Group, i.e., Crédit Foncier de France as well as the real estate services activities and significant real estate assets of the Caisse Nationale des Caisses d'Epargne. - The proposed terms include a contribution to Nexity of Crédit Foncier and a contribution or sale to Nexity of the other relevant assets and businesses, in accordance with conditions to be determined. - Once the contemplated contributions have been completed, which will be submitted to Nexity's extraordinary general shareholders' meeting for approval, the Caisse Nationale des Caisses d'Epargne would become the majority shareholder of Nexity. - Nexity, with Mr. Alain Dinin as chairman, will remain a listed company, have wide autonomy with respect to its management and maintain an ample public float (a waiver from the obligation to conduct a public tender offer for Nexity's shares being therefore requested from the AMF). - In any event, the Caisse Nationale des Caisses d'Epargne will continue to be the "central organ" to which Crédit Foncier de France is affiliated within the meaning of French banking law. The period agreed for exclusive negotiations terminates April 30, 2007. At this date, the parties intend to sign, subject to approval from the relevant governing bodies of both groups and following the information and/or consultation of employee representatives, a memorandum of understanding with a view to completing the transaction in the first fifteen days of July 2007. write your comments about the article :: © 2007 Construction News :: home page |