BPCE SA made a tender offer to acquire remaining 29.3% stake in Natixis S.A. (ENXTPA:KN) from its shareholders for €3.7 billion on February 9, 2021. The tender offer is for a cash consideration of €4 per Natixis share (Cum dividend). The contemplated offer price represents a premium offer and moreover, BPCE S.A. believes the offer represents a full valuation of Natixis and a liquidity opportunity for Natixis’ shareholders. BPCE intends to proceed with a mandatory squeeze-out and to delist all remaining Natixis shares at the end of the offer period, should the offer result in Natixis’ minority shareholders holding no more than 10% of Natixis' share capital and voting rights. As part of the mandatory squeeze-out, BPCE S.A. would then acquire all remaining outstanding Natixis shares which it does not already own, against the payment of a cash consideration of €4 per Natixis share (cum dividend), equal to the offer price. Following the completion of the transaction, Groupe BPCE’s end 2021 CET1 ratio will be in line with its strategic target of 15.5% and would be the largest privately held banking institution in Europe. The transaction will financed from BPCE's available cash. BPCE’s Supervisory Board approved the proposed transaction and authorized the filing of the Offer with the AMF. Natixis’ Board of Directors favorably welcomed the transaction and will release an informed opinion on the terms of the Offer in due course, in light of the work of an independent expert appointed to opine on the financial terms of the Offer and, as the case may be, the mandatory squeeze-out. The transaction will be subject to the Autorité des Marchés Financier (AMF) and other regulatory approval, Autorité de contrôle prudentiel et de résolution’s authorization, authorization of the Bundesanstalt für Finanzdienstleistungsaufsicht (BAFIN) and the German Federal Bank, in Germany, for insurance company Coface Finanz GmbH, Commission de Surveillance du Secteur Financier, in Luxembourg, Insurance and Private Pension Regulation and Supervision Agencym and the decision of non-opposition of the Autorité des marchés financiers of Québec, in Canada. Once filed, this tender offer and the draft offer document will be subject to the AMF’s review, which will assess their conformity with the relevant legal and regulatory provisions. The public offer will be opened after receipt of all the required regulatory authorizations. The timeline of the offer, which will be decided by the AMF, will be published at a later stage. The Board of Directors of Natixis has established an ad hoc committee comprising all the independent members sitting on the Board of Directors. As on March 15, 2021, Having reviewed the ad hoc committee’s work and the conclusions of Ledouble, acting as independent expert, whose report concludes that the terms of BPCE’s offer are fair to Natixis’s shareholders, Board of Directors of Natixis has unanimously issued a positive reasoned opinion on the offer and therefore recommends that Natixis’s shareholders tender their shares to BPCE’s offer. The offer document was issued on April 15, 2021. The transaction was approved by Autorité des marchés financiers on April 15, 2021. All regulatory approval were granted as of June 3, 2021. The offer will open on June 4, 2021 and is expected to close on July 1, 2021. As on July 1, 2021, the offer period extended till July 9, 2021. BPCE crossed the threshold of 90% of the capital and voting rights of Natixis allowing the implementation of a squeeze-out on July 8, 2021. J.P. Morgan & Cie S.A.S, d’Angelin & Co. and Fenchurch Advisory Partners are acting as financial advisors to Groupe BPCE. Emmanuel Brochier, Bertrand Cardi, Laurent Gautier, Pierre Zejma, Henri Savoie, Jean-Baptiste Aubert, Guillaume Griffart, Ben Burman, Martin Lebeuf and Vincent Agulhon of Darrois Villey Maillot Brochier AARPI are acting as legal advisors to Groupe BPCE. Bredin Prat & Associes acted as legal advisor to Natixis. Ledouble SA, Investment Banking Arm acted as independent expert in charge of providing a view as to the fairness of the terms of the tender offer to the Board of Natixis. Thierry Gontard and Nicolas Fournier of Simmons & Simmons LLP acted as legal advisors to the ad hoc committee of the Natixis board. Lazard Ltd (NYSE:LAZ) acted as financial advisor to Natixis S.A. David Chase Lopes of D.F. King Ltd acted as a transfer agent to Natixis S.A. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Natixis S.A. BPCE SA completed the acquisition of remaining 29.3% stake in Natixis S.A. (ENXTPA:KN) from its shareholders on July 9, 2021.