BERLIN: Societe Generale SA plans to raise as much as 1.75 billion euros ($1.9 billion) selling its stake in Amundi Group, Europe’s largest fund manager, in an initial public offering.
The shares will be offered at 42 euros to 52.50 euros apiece, with final pricing scheduled for Nov. 11, Paris-based Amundi said in a statement Monday. That would give the company a market value of as much as 8.8 billion euros. In parallel to the IPO, Credit Agricole agreed to sell about 2 percent of Amundi to a unit of Agricultural Bank of China as part of a plan to expand cooperation.
Credit Agricole will sell more than 5 million shares in the IPO if an overallotment option is exercised, raising as much as 210 million euros. Societe Generale said in June that it wants to sell its entire 20 percent stake.
Amundi had 954 billion euros under management at the end of June. The company plans to become a “natural alternative to big U.S. fund managers,” Chief Executive Officer Yves Perrier told journalists in October.
Credit Agricole will retain a stake of 74.6 percent to 77.6 percent of Amundi after the IPO, the company said in a separate statement.
“This transaction confirms the strategic importance of asset management within the Credit Agricole Group, and its role as a key driver of the overall development of the group,” CEO Philippe Brassac said.
