The third and final act of the recapitalisation of the post should not delay to open. After the change in status of the société anonyme public company, the tough negotiations that took place during the last six months between the Fund of deposits (CDC) and the State on the conditions of their respective financial contribution of 1.5 billion and EUR 1.2 billion, finally led on an agreement which should be sealed in the coming days.
The Investment Committee of the Supervisory Board of CDC who made Wednesday a favourable opinion, there is more than the green light Committee Executive financial institution and the commission of interests and transfer that this agreement is considered in Brussels by the European competition authorities.
The third act takes place under better auspices The Caisse des Dépôts in any case seems to have received important advanced to ensure that its contribution would be well advised investment likely to provide a return on nearby perennial investment of 10. Enhancement of 3 billion euros in the capital of La Poste is located in the bottom of the range and allows the financial institution to dispose of 26.32. This participation is minority but it is accompanied by a law of blocking on the strategic decisions that could take the position. It is not part of the shareholders Pact but the presence of its President, Jean-Paul Bailly, in the signing of the Pact should legally involve membership. If degradation of accounts more than two consecutive years, it is also expected that the Caisse des Dépôts can acquire on preferential terms of shares without voting rights of the public group, which will be attached guaranteed dividends. The financial institution may also purchase securities of subsidiaries of La Poste who need capital to grow. The Caisse des Dépôts is therefore provided to share the fruits of the performance of La Banque Postale, main source of future profits to its parent.
A final layer of security is complementary to the device. A clause negotiated between the State and the old lady of the Rue de Lille provides that the position pays to the horizon of 2015 a dividend equal to half of its profits, subject that the new requirements of Basel III and the development of the postal group needs permit. The State having recently obtained to capture half of the profits of the Caisse des Dépôts, it was difficult to oppose this requirement of estoppel.
These advances, however, failed to appease the concerns of number of members of the Supervisory Board who feel particularly little likely that La Poste, in view of its needs, might pay as dividend. They concern also that no calendar specific funding provided by the financial institution and the State of the 2.7 billion euros. But the latter has provided in the Bill of finance 2011 will pay only EUR 300 million, a quarter of its total contribution.
The parliamentarians therefore require clarification on its real intentions and the assurance that payments from the Fund will be concurrent and proportional. It is obvious to many sources but this ultimate requirement, which comes in addition to all the provisions of guarantees, illustrates distrust of members of Parliament to the State shareholder, the Caisse des Dépôts work with already, not without some friction, to the capital of the strategic investment fund.
It is also a challenge for this industrial SMEs to StateMust be a suitable offer said Gianfranco LanciTo the client of course rightly advised by Jones Lang LaSalleThey adapt to the personality of their ownerBecause it is a cheerful forthright radiant colourTo achieve such ice three factors must be respectedoutside any platform for Exchange regulated or notIn addition Film France evaluates EUR 114which will have its normative role.Second2 the situation in the main branchesBanks
