Credit Agricole and Societe Generale have launched the initial public offering (IPO) of Amundi, their asset management joint venture set up in 2010, on the regulated market of Euronext Paris.
Societe Generale plans to sell the entire 20% it holds in Amundi, equivalent to 33.4 million shares. However, the two companies will remain bound by their distribution agreements, which have been extended for a renewable period of five years from the completion date of the IPO.
Societe Generale CEO Frederic Oudea said: "We are extremely happy with our special relationship with Amundi, which we view as a long-term business partner for Societe Generale in asset management."
Furthermore, in parallel to the IPO Credit Agricole has reached an agreement with a subsidiary of Agricultural Bank of China to sell it around 2% of Amundi’s capital at the final IPO price.
To enhance the liquidity of Amundi shares and stabilise market prices in the first few days of trading, Credit Agricole has decided to grant an over-allotment option to the banks coordinating the IPO of 3% of Amundi’s capital.
Following the IPO, the Credit Agricole Group will remain Amundi’s majority shareholder with a stake of between 74.6% and 77.6%3.
Credit Agricole CEO Philippe Brassac said: "This transaction confirms the strategic importance of asset management within the Credit Agricole Group, and its role as a key driver of the overall development of the Group."