Coface to get French state fund aid for partial IPO
The French state is likely to lend a helping hand to investment bank Natixis in selling its credit insurance unit according to newswire Reuters.
Bringing in the state-owned investment vehicle Caisse des Depots as a shareholder may be the only way that Natixis can unload Coface - worth between 1 and 2 billion euros via a likely partial share listing, according to the newswire.
Natixis is expected to sell or spin off parts of its business as part of a turnaround plan following a state-backed rescue. Natixis CEO Laurent Mignon has said that Coface is not a core business.
Reuters sources said Coface will most likely be spun off or sold.
Cofa
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