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Eurosic's Foncière de Paris bid clears regulatory hurdle

Paris-basedEurosic got the all-clearfrom the French competition authority for its takeover of its peer Foncière de Paris,a company statement said.

As aresult, Eurosic is now free to acquire a 22.7% stake in the company from Allianzand a 3.9% stake from Generali at a price of €145 per share, which it plans to doin the coming days.

The tenderoffer for Foncière de Paris is now subject to approval by shareholders of Eurosicat an extraordinary general meeting, which has been scheduled for May 17.

Eurosicannounced the terms ofits takeover offer in March. The takeover would potentially create a Paris-focusedcompany with €5 billion of property under management.