The French state-owned bank Caisse des Dépôts (CDC) is poised to buy a 26% stake in Groupe LaPoste for €1.5 billion as part of a €2.7 billion capital increase designed to give the French
postal group more funds for investment and expansion.Under plans agreed over the last two years, the French government has committed itself tocontributing €1.2 billion to the capital increase while the CDC would contribute a further €1.5billion.
Now, following five months of “intense negotiations” with the government, the CDC is ready toinvest this sum in La Poste in exchange for a 26% equity holding, leaving the French state with74%, according to reports from Paris. CDC would gain three seats on La Poste’s supervisory boardand a veto on major strategic decisions. An official announcement confirming the reports isexpected very shortly.
The European Commission has apparently been informed of the transaction in order to ensure ithas no objections on the grounds of state aid, several newspapers wrote.
The ownership change will be the latest stage in the restructuring of La Poste, which became apublic limited company in March 2010. Its previous status as a public organisation (‘établissementpublic industriel et commercial’) legally prevented such a capital increase. La Poste has debts ofabout €5.7 billion.
The French postal group plans to use the capital increase for various measures, includingmodernisation of its mail operations ready for a fully-liberalised domestic market from January2011 onwards and strategic investments in the parcels business.
