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La Banque Postale moves to take full control of insurer CNP -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Signs advertising La Banque Postale in France, which is a subsidiary to the National Postal Service, La Poste are visible outside Paris Post Office on March 1, 2016. REUTERS/Mal Langsdon

PARIS, (Reuters) – The banking arm of French mail operator La Poste plans to buy CNP’s French insurance group BPCE, according to the companies. It will then make an offer for the remaining insurer, with a value of 15 billion euros ($17.40 million).

The two companies stated that BPCE would offer the 16% share to La Banque Postale for 21.90 Euros per share of CNP. This is a 36% premium over Wednesday’s close.

La Banque Postale indicated that they would make a formal offering for CNP’s remaining shares, and then consider delisting the stock. CNP shares increased 35% to 21.72 euro on Thursday morning.

La Poste, a French government bank owned by the state, acquired a majority share in CNP Assurances as part of plans to establish a national-controlled insurer and bank focused on France’s rural areas.

Philippe Heim, chairman of La Banque Postale said that simplifying CNP Assurances’ shareholding structure will help us increase the efficiency of our bankassurance model as well as accelerate its growth, according to its multi-partnership, international model.

($1 = 0.8618 euros)

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