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Société Générale — M&A Activity 2014
Mar 18, 2014
1671_iss_2014-03-18_bf9bdfc6-c293-4e7e-a256-b9ed3cf3b9d2.pdf
M&A Activity
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Paris, March 18th, 2014
SOCIETE GENERALE ANNOUNCES ITS INTENTION TO INCREASE ITS HOLDING IN THE SHARE CAPITAL OF BOURSORAMA
Societe Generale announces its intention to file a takeover offer targeting the shares of Boursorama, following the signature of a concerting shareholders agreement with Caixa Group.
Societe Generale and Caixa Group, as of today holders of 56% and 21% of the share capital of Boursorama respectively, have strengthened their cooperation and formalized their common strategic vision of online banking in France and in Europe through the signature on March, 17th 2014 of a concerting shareholders agreement with respect to Boursorama.
Following the signature of this new shareholders agreement, Societe Generale will file today with the French Financial markets authority ("AMF") a simplified takeover offer targeting the shares of Boursorama neither owned by Societe Generale nor Caixa Group, at an Offer price of 12 euros per share (the « Offer »).
The strengthening of Societe Generale in the capital of Boursorama, the leading online bank in France, is part of the Group's strategy to pursue its development in this market.
In accordance with the French stock market regulation, the Board of Directors of Boursorama will appoint an independent expert, who will prepare a report on the financial terms of the Offer proposed by Societe Generale. The conclusions of the independent expert's report, which will be included in the information note in response, will be presented in the form of a fairness opinion.
The indicative timetable of the Offer will be subject to review by the AMF and published at the date of filing of the draft information note prepared by Societe Generale.
The Offer, which is expected to open during the month of May 2014, will be followed by a squeeze out procedure (retrait obligatoire), should minority shareholders, excluding Caixa Group, hold less than 5% of Boursorama's share capital and voting rights following the tender offer.
This press release does not constitute and cannot be construed as a tender offer by Societe Generale on the shares of Boursorama. In accordance with French law, the Offer documents setting out the terms and conditions of the Offer will be subject to review by the AMF.
PRESS RELATIONS
LAETITIA MAUREL +33(0)1 42 13 88 68 [email protected] HELENE AGABRIEL +33(0)1 41 45 98 33 [email protected] NATHALIE BOSCHAT
+33(0)1 42 14 83 21
ANTOINE LHERITIER +33(0)1 42 13 68 99 [email protected]
[email protected] ASTRID FOULD-BACQUART +33(0)1 56 37 67 95 [email protected] SOCIETE GENERALE COMM/PRS 75886 PARIS CEDEX 18 SOCIETEGENERALE.COM
A FRENCH CORPORATION WITH SHARE CAPITAL OF EUR 998 395 202.50 552 120 222 RCS PARIS
Societe Generale
Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams.
Societe Generale has been playing a vital role in the economy for 150 years. With more than 148,000 employees, based in 76 countries, we accompany 32 million clients throughout the world on a daily basis. Societe Generale's teams offer advice and services to individual, corporate and institutional customers in three core businesses:
- Retail banking in France with the Societe Generale branch network, Credit du Nord and Boursorama, offering a comprehensive range of multichannel financial services on the leading edge of digital innovation;
- International retail banking, financial services and insurance with a presence in emerging economies and leading specialised businesses;
- Corporate and investment banking, private banking, asset management and securities services, with recognised expertise, top international rankings and integrated solutions.
Societe Generale is included in the main socially responsible investment indices: Dow Jones Sustainability Index (Europe), FSTE4Good (Global and Europe), Euronext Vigeo (Global, Europe, Eurozone and France), ESI Excellence (Europe) from Ethibel and 5 of the STOXX ESG Leaders indices.
For more information, you can follow us on twitter @societegenerale or visit our website www.societegenerale.com.
Societe Generale: 150 years
In 2014, Societe Generale Group celebrates its 150th anniversary with a focus on entrepreneurial spirit, innovation and team spirit. Founded by a group of industrialists and financiers, the bank's very name illustrated their ambition: "Société Générale pour favoriser le développement du commerce et de l'industrie en France" ("Societe Generale to support the development of trade and industry in France"), as written into the Imperial decree signed by Napoléon III on 4 May 1864.
Societe Generale has always served economic development, contributing to the financing of infrastructures that symbolised the modern world and of leading French groups. Societe Generale was among the first French banks to open branches in London and in Russia in the 1870s, before expanding into the Maghreb, New York and Africa and to set up operations in Central European countries.
Societe Generale has always been at the cutting edge of financial innovation, and takes strength from its origins to assert its banking vision for the future, reinvent its businesses to serve its clients and become the reference bank of the 21st century.