There could be a dust up brewing between Groupe BPCE and investors in French bank Natixis.
According to Betaville's moles, some of the long only investors that have owned Natixis stock for quite some time are rather peeved at the price Groupe BPCE is paying to buy out the 29.3pc owned by public market investors...
So, Bloomberg's overnight "scoop" about Groupe BPCE weighing a bid for the remainder of Natixis it doesn't own smoked out today's confirmation about a Euro 4 a share tender offer. Below is a link to the Bloomie tale:
Groupe BPCE is rumoured to be working with heavyweight American advisers on the potential Natixis deal.
People following the situation have heard speculation JP Morgan has been advising privately-owned Groupe BPCE on strategic options, which include buying out the remainder of Natixis that it doesn't own...
Natixis, the France-listed financial services company, has come under the spotlight amid a fresh round of takeover talk.
Natixis has been in and out of discussions with Groupe BPCE, the company's largest shareholder, about a deal since last summer.
That's because BPCE, France's second largest banking group, has been studying the possiblity of buying the remainder of Natixis it doesn't own since last summer...
Betaville predicted in his last post that after the summer the Natixis deal might come back onto BPCE's agenda and right on cue it would appear that it has.
French financial newspaper "of record" Les Echos is claiming French private banking group BPCE is "exploring options for its Natixis unit as it plans to unveil new strategic priorities along with third quarter results on November 5, 2020"...
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. ..
So, BPCE chucked out a "denial" statement (see below) after a Financial Times story suggesting France's second largest banking group had been considering making an offer for the remainder of Natixis that it doesn't own...
Oh look - I see competitors over at the venerable Financial Times have published a tale about Natixis that is eerily similar to last week's alert on Betaville Intelligence. Below are the links:
https://www.www.betaville.co.uk/betaville-intelligence/rare-alert-natixis-said-to-part-3/..
The rumoured transaction involving Natixis is said to be a takeover offer from the company's largest shareholder.
Two weeks ago, Betaville Intelligence reported that Natixis could soon see a corporate transaction that could be seen to be beneficial for the company's stock price...
Natixis, the French banking group, announced after the market closed that it had signed an agreement with La Banque Postale to combine their fixed-income and insurance-related asset management businesses to create a powerhouse with EURO 415 billion under management. Below is the link to the press release:..