Groupe Caisse d'Epargne's supervisory board has approved the new venture between its property arm Credit Foncier de France and Nexity, French daily La Tribune reported. Caisse d'Epargne will take a 38.2% stake in Nexity in exchange for 25% of Credit Foncier and other assets. Nexity will subsequently become the regional lender's property arm. Under French law, Caisse d'Epargne is obliged to launch a full bid for Nexity and will have to request the French stock market regulator AMF to make an exception.
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