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BFCM and Mutuelles Investissement to file tender offer for CIC shares

Banque Fédérative du Crédit Mutuel SA and Mutuelles Investissement intend to file a public tender offer for all shares of Crédit Industriel et Commercial SA that are neither directly nor indirectly owned by Banque Fédérative du Crédit Mutuel, representing 6.86% of Crédit Industriel et Commercial's share capital.

The proposed price for the offer is €390 per share, representing a 78.1% premium over the closing price June 2.

Banque Fédérative du Crédit Mutuel and Mutuelles Investissement also plan to ask French financial regulator Autorité des marchés financiers to carry out a mandatory squeeze-out procedure to simplify the group structure, provided that conditions are met upon completion of the tender offer, which is subject to regulatory approval.

Mutuelles Investissement's share capital is owned by Banque Fédérative du Crédit Mutuel and Assurances du Credit Mutuel Vie SA.

Crédit Mutuel Group is the ultimate parent of Banque Fédérative du Crédit Mutuel, Crédit Industriel et Commercial and Assurances du Crédit Mutuel Vie.