Societe Generale Group has announced the acquisition of the entire stake of CaixaBank in Boursorama, representing 20.5% of the share capital and of the voting rights.
The French company paid €12 per share, the same price as the one offered to minority shareholders during last year’s simplified takeover offer and squeeze out procedure.
The transaction ends the partnership between Societe Generale Group and CaixaBank which began in 2006 after the sale of CaixaBank France to Boursorama by CaixaBank.
Following this acquisition, Societe Generale will remain the sole shareholder of Boursorama with 100% of the share capital and of the voting rights.
“The strengthening of Societe Generale Group in the capital of Boursorama, the online bank in France, is part of the group’s strategy to pursue its development in online banking. The operational set up of Boursorama will remain unchanged following the transaction,” the company said.
Societe Generale Group also announced the signing of the acquisition by Boursorama of the whole stake of CaixaBank in SelfTrade Bank, their common Joint Venture in Spain, representing 49% of the share capital. This transaction will also terminate the joint venture and the shareholders agreements signed in July 2008 by Boursorama and CaixaBank.
Its closing will take place once the necessary administrative authorizations are obtained. The operational set-up of SelfTrade Bank will remain unchanged following the transaction.
These transactions will have a non-significant negative impact, below 5bps, on Societe Generale Group fully loaded CET1 ratio.