Credit Foncier launches bid for Locindus

Credit Foncier de France, a Caisse d'Epargne subsidiary, has launched a EUR 300 mln public offer for Locindus. The bid of EUR 37 a share represents a 12% premium to the latest price and a 48% premium to the published Net Asset Value at cost. The bid will likely succeed given that Credit Foncier already reached agreement regarding the acquisition of 26,8% of the company from five insurers and other banks, researchers at Kempen & Co. said.

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