The tension is still mounted a notch, yesterday, the NatIxis folder. Before the intransigence of the Caisse des Dépôts and Consignations (CDC), hostile to a project of reconciliation of the Banques Populaires with the squirrel, that it considers, in the State, adverse to its financial interests, the Groupe Banque Populaire struck fist on the table. He threatened to slamming the door if the timetable of the operation, which provides the signature of an agreement between the two mutual to June 1, to be offset. "The leaders of the Groupe Banque Populaire wish to draw the attention of all relevant stakeholders on the need to find more quickly the elements of an agreement between the Group Caisse d'Epargne and the CDC, said a press release issued yesterday morning. Otherwise, the Groupe Banque Populaire will have to draw the consequences of the situation in order to preserve its interests and especially those of Natexis Banques Populaires. "This is the first time that one of the two partners referred to the event of a failure of the exclusive negotiations were opened on 12 March.
The Banques Populaires making directly responsible for CDC of potential failure. The recent statements of Francis Mayer, the Director General of the CDC, which displayed his firmness on the record Thursday at the presentation of the results of the public institution, "pose of strong uncertainties on the completion of the transaction in a few days of the period fixed for a draft agreement". The Banques Populaires also increase pressure on Caisses d'Epargne, that they place ostensibly to their responsibilities.
Forces report
Why must the date of June 1 absolutely be respected The Banques Populaires recall that "only the compliance of the fixed calendar is such as to enable the start-up of the new set January 1, 2007, in accordance with the agreement of the parties." "Any shift would result in delay of several months, even year development in place of NatIxis and would be tantamount to a third party of the economy of operation, and thus the project". Therefore, an agreement June 1 would be imperative to launch market operations necessary for the implementation of the project before end of November markets are traditionally less suitable from the second half of December. Otherwise, the two partners would be the deadline of the end of the year. The order of the accounts as of December 31, which must serve as a reference, would be more relevant. The operation would be postponed for at least six months.
Side CDC, it questioned the imperative nature of this date, suggesting that it has been set by the mutual to force her to decide quickly. 'The Banques Populaires and Caisses d'Epargne are to realize that it is for them that it is binding', indicated yesterday in the entourage of the public institution, which refuses to endorse the bad role. "It is the CDC which has taken the initiative to open negotiations with the squirrel asking to mid-April the application of article 15 of the Covenant of shareholders, recalled." The Caisse des Dépôts has no intention to play the shows. It intends to take the necessary time to study seriously and calmly this project in all its dimensions. "The yesterday's impatience the Banques Populaires in any case seems to show that the ratio of forces is now coming to rebalance.
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