Crédit Agricole SA and Intesa Sanpaolo finalise the unwinding of jv
Intesa Sanpaolo SpA and Crédit Agricole SA have taken the final step in unwinding CAAM SGR, their joint venture in asset management in Italy, in line with the commitment made in connection with the Intesa Sanpaolo merger.
This final phase involves the purchase by Intesa Sanpaolo of the activities attributable to the 65 per cent of Nextra Investment Management sold by Banca Intesa to Crédit Agricole S.A. in December 2005.
The price for the 65 per cent stake above (amounting to approximately 865 million euros) has been agreed based on the transaction price paid in December 2005, adjusted for the spin off of CAAM SGR mutual funds dedicated to the Cariparma and Friuladria networks and the CAAM SGR real estate funds into two newcos which have already been sold by CAAM SGR to CAAM SA.
In addition, Intesa Sanpaolo S.p.A. and Crédit Agricole SA today agreed on the exercise of their respective options over the sale to Crédit Agricole of Intesa Sanpaolo's 49 per cent total interest in AGOS SpA, their joint venture in the consumer credit business in Italy. AGOS SpA. will carry on its business as a subsidiary of Sofinco, a Crédit Agricole SA company.
The transaction is expected to be finalised in 2008, once the necessary authorisations have been obtained. The consideration for the sale will be 546 million euros, with a capital gain of approximately 300 million euros to be posted in Intesa Sanpaolo's 2008 consolidated income statement.
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