La Banque Postale S.A. made an offer to acquire remaining 21% stake in CNP Assurances SA (ENXTPA : CNP) for €3.2 billion on March 16, 2022. The offer price is €21.9 cash per share. La Banque Postale will finance the offer from available cash. Upon acquisition of 90% stake in La Banque Postale S.A. intends to implement a squeeze-out procedure within three months of the closing of the offer. The Board of Directors of CNP Assurances has set up an ad hoc committee composed solely of independent directors and the two directors representing the employees of CNP Assurances. The offer obtained all the required regulatory authorizations including Autorité des Marchés Financiers (“AMF”). The transaction is recommended by the board of CNP Assurances. The offer will open from May 2, 2022, to May 31, 2022. Ledouble provided fairness opinion to the board of CNP Assurances. Viguié Schmidt & Associés acted as legal advisor while Lazard acted as financial advisor for CNP Assurances.

La Banque Postale S.A. completed the acquisition of remaining 21% stake in CNP Assurances SA (ENXTPA : CNP) on May 31, 2022. Jean-Michel Darrois, Pierre Casanova, Benjamin Burman, Orphée Grosjean, Paul Bertrand , Pierre Zejma, Apolline Couderc, Vincent Agulhon and Sophie Pages of Darrois Villey Maillot Brochier, BDGS Associés and Allen & Overy France acted as legal advisors to Banque Postale. De Pardieu Brocas Maffei advised CNP Assurances.