France’s La Poste this week received €1 billion out of a €2.7 billion capital increase andrepresentatives of new shareholder CDC joined its board.
The French economics, finances and industry ministry announced that the first tranche of the€2.7 billion capital increase for the postal group had been paid out. The French governmentcontributed €467 million and the state-owned bank Caisse des Dépôts (CDC) a further €583 million.
The two shareholders will contribute a further €1.05 billion this spring and the remaining€600 million in spring 2012. CDC gained a 26 per cent stake in La Poste last year after the formerstate enterprise became a public limited company in March 2010.
The €2.7 billion capital increase is designed to strengthen La Poste, finance the ongoing€1.3 billion modernisation of mail operations and enable growth in parcels and express sectors.
Meanwhile, three representatives of the CDC have joined the 21-strong board of directors andattended their first board meeting yesterday.
