It is to the German family group Rethmann that the Caisse des Dépôts et Consignations (CDC) will sell the majority of the capital of its subsidiary Transdev, devoted to public transport. CDC, shareholder of Bpfifrance, La Poste and manager of Livret A, currently holds 66% of the capital of Transdev, the remaining 34% already belonging to the Rethmann family. When the operation receives the green light from regulatory authorities, the proportions will be reversed. The capital of Transdev will come under the control of its German shareholder, at 66%, with the Caisse retaining 34%. The transfer must be approved by the Commission for Participations and Transfers, whose role is to ensure that privatizations are carried out at the right price, and validated by a ministerial decree.
The CDC had opened a call for applications for this privatization. Investment funds responded, but with offers that were financially and socially lower than those of the Rethmann group. Another advantage of the German proposal, the Rethmanns already having 34% of the capital, the CDC can retain a blocking minority of 34% at their side. Investment funds require at least 51% of the capital, which would have reduced the Fund to 15%. The amount of the transaction has not been made public at this stage. The stake in Transdev is valued at 1.2 billion euros (for 66%) in the CDC accounts as of June 30.
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Source: Lemonde