La Banque Postale to Buy Out CNP in Largest 2021 Insurance Deal - BNN
(Bloomberg) -- French lender La Banque Postale is offering to buy the shares it doesn't already own in CNP Assurances, valuing the firm at some 15 billion euros ($17 billion) in what stands to be the largest takeover of an insurer this year. The Paris-based bank agreed to acquire the 16% stake in the insurer held by French banking group BPCE for 21.90 euros per share, and will make a takeover offer for the remaining 21% free float at the same price, according to a statement on Thursday. The offer represents a premium of about 36% over CNP's closing price of 16.08 euros on Tuesday. CNP Assurances's shares jumped 36% to 21.85 euros in early Paris trading on Thursday. A full takeover would surpass Apollo Global Management Inc.'s agreed purchase of Athene Holding Ltd in March which came in at $11 billion. The value of deals targeting insurers has more than doubled globally in 2021 to over $85 billion, the data show. Dealmaking in the insurance sector has accelerat...