Betaville Intelligence

RARE ALERT: Natixis said to... - Part 6

Monday, 3 August 2020, 10:48 pm

Natixis has just booted out its chief executive.

Could this have anything to with the fact that the company's largest shareholder, BPCE, was/is plotting a takeover of the ailing investment bank?

One presumes yes.

Below is an important two paragraphs from tonight's Financial Times.

"Last month, the Financial Times reported that BPCE had explored the idea but the parent bank then denied that it intended to file a tender offer. Mr Riahi disagreed with the plan, say people familiar with his thinking, which was supported by Laurent Mignon, who heads BPCE."

"Mr Riahi will be replaced by Nicolas Namias, who is currently in charge of finance and strategy at BPCE, the French co-operative parent bank of Natixis. Before that, he spent four years in similar roles at Natixis."

So, with Francois Riahi out the way, Natixis appears to be back in play for its largest shareholder - although given the French typically take the whole of August off this deal seems unlikely to be rekindled until September.....

[Disclaimer - the information on Betaville does not consitute any form of investment recommendation and is not intended to be relied upon by readers in making, or refraining from, any investment decisions].

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