PARIS (AFX) - Banque Populaire chairman Philippe Dupont said 'any delay' to the group's plans to merge certain activities with parts of Caisses d'Epargne to form a new listed bank, Natixis, could put the project in jeopardy.
State-owned bank Caisse des Depots, a Caisses d'Epargne shareholder, has threatened to veto the plan.
It can only use its veto after the supervisory and management boards of Caisse d'Epargne and Banque Populaire formally approve the merger plan, which is scheduled for June 1 at the latest.
But the shareholder pact linking CDC and Caisse d'Epargne gives CDC veto rights until July 1, 2007, meaning it can delay, if not prevent, the formation of Natixis.
Banque Populaire and Caisses d'Epargne plan to float Natixis, using Banque Populaire investment unit Natexis' existing listing. paris@afxnews.com afp/mrg/jfr COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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