It is a paid very expensive divorce says a leader

Too expensive. While the question of the price of exit of the Caisse des Dépôts et Consignations (CDC) is at the heart of the ongoing negotiations between the institution and the squirrel on the NatIxis project, some mutual insurance group, are beginning to their accounts. The Caisses d'Epargne 29 leaders are reluctant to pay the roughly 7 billion EUR claimed by the CDC in consideration of its 35 stake in the capital of the Caisse nationale d'Epargne (CNCE) banks, the central organ of the group.

Such a transfer, which result in 150 years of common history between the mutualist and public, is more likely. It would leave the field open to the squirrel to seal, until June 1, his project of rapprochement with the Banques Populaires around a common holding company called NatIxis. A project in which the Caisse des Dépôts et Consignations remains fiercely opposed the view contrary to his economic interests.

Be total membership

No one disputes the strategic interest of the NatIxis project. Some Caisses d'Epargne leaders are reluctant to pay such cheque to escape the guardianship of the Caisse des Dépôts et Consignations. "Membership in the network is far from total," said a leader of Fund. People are starting to say that the price is still important. "" What is banks Epargne win in this project" ", asks another controller.

Others are downright hostile. "It is a paid very expensive divorce, says a leader. "Personally, at this price, I preferred that the NatIxis project fails".

Specifically, the 35 of the CDC in the CNCE would have an intrinsic value of EUR 5.7 billion. Caisses d'Epargne, who currently hold 65 of the CNCE, would be prepared to pay up to 6.5 billion out the Caisse des Dépôts et Consignations. No more. So, funds would not pay the full sum. Activities that the squirrel will bring to the side vehicle the Groupe Banque Populaire, Natexis, creating NatIxis, will allow it to acquire, in the capital of this new set, more than 34 expected in the end.

To descend at this level, it will resell NatIxis securities on the market, receiving in return some EUR 5 billion in cash. This money will enable him to cover a portion of the addition. But not all: the funds will still have to bear, on their own funds, 1.5 billion to 2 billion euros.

Each case according to its weight

The amount however, which may vary depending on the development potential in the round table of certain subsidiaries common to the squirrel and the CDC ("Les Echos" of yesterday).

In practice, each Fund will be sought with its weight in the group. "The Caisses d'Epargne collectively hold 65 of the CNCE." "But they repartagent this participation between them based on a key distribution taking into account their total balance or their level of own funds," explains a Chairman of Board of Directors. It is this distribution key that will be used to calculate the contribution of each.

The concerns in the network of savings banks are not only on the price to pay. Some also fear the consequences on the activity of a divorce that threatens to be in pain. "I am hard to believe that the CDC is the sponge in exchange for a single cheque." Imagine that instead of entrusting to Ixis assets management she prefers launch of calls for tender.