Crédit Mutuel pockets 522 million out of Saffron and Eiffage

The Banque Fédérative Crédit Mutuel announced Tuesday night the sale of 3.2 million shares in Safran, representing 0.8% of the capital of the engine manufacturer, aerospace, and that of a block of 2.8 million shares of Eiffage, approximately 2.9% of the group’s capital construction, of which Bpifrance is released a few months ago. The closing price this past Tuesday, the stake in Safran, the title of which has gained 26% since January, is valued more than 276 million euros; the one in Eiffage (+32% since January) is worth some € 246 million. Is a product of assignment total potential of € 522 million.

“After these operations, Banque federative Credit Mutuel will hold more of a stake in Safran and in Eiffage,” said the institution is a mutual company in a press release.

After the TAKEOVER of CIC

The holding company at the head of the group CM-11, which comprises 11 regional banks of the Crédit Mutuel and the CIC has given to the Society in General these operations through a private placement with institutional investors, in the form of an order book accelerated.

This inflow of cash is welcome. In the month of August, the Banque Fédérative Crédit Mutuel has announced the withdrawal of the rating of the Credit industriel et commercial (CIC), after having launched a TAKEOVER bid for the balance of the capital that it did not (6,86%), for a total amount of one billion euros. In the first half, the group Credit Mutuel-CM11 posted a net banking income 7.15 billion euros, up 3.6% at constant consolidation scope and net income group share of 1.16 billion euros, up 3.2%.

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