Strategy Fund shareholdings between up to 350 million in the aerospace group.
And three. After about two years without announcing anything, the Strategic Fund investments (FSP) created in 2012 by four leading French life insurers - CNP Assurances, Predica (Crédit Agricole), BNP Paribas Cardif and Sogécap (Société Générale) - just taking his third in a major French company, namely Zodiac Aerospace. The operation, which must be announced Monday morning, amounts to € 350 million, slightly less than 4% of the capital of the world leader in equipment and aeronautical systems. "In 2012, when there were a lot of reflections underway on the life insurance and the role of insurers in financing the French economy in preparation for Solvency II, it seemed important to us to give more visibility to what we were doing and at the same time, consolidate our resources, "says Jérôme Grivet, the current president of the fund.
"The entry of FSP share capital of Zodiac Aerospace confirms the stability of our core shareholders and our value creation strategy over time," says in a statement Zarrouati Olivier, CEO of Zodiac Aerospace.
Managed by Edmond de Rothschild Asset Management, the FSP had in 2013 a little over 5% of the capital of small electrical SEB group and 6% of Arkema chemist. Respectively for 160 million euros and 335 million euros. The purpose of these investments was to last at least five years to enter the boards and support over time the companies concerned. The FSP has participated in the capital increase organized by the Arkema Group last year and now holds 6.5% of the latter.
Two new shareholders
In parallel, the FSP welcomed two new shareholders, Natixis Assurances and Groupama who have already participated in the entrance in the capital of Zodiac (investments in SEB and Arkema are reserved for top four insurers). The financial challenge for insurers is twofold: the first is to direct some of the longest of French savings, held in life insurance contracts that the insurers market, towards investments in shares they deem " consistent with their long-term liabilities ". The second is more related to an accounting item Solvency II: schematically an investment in shares requires an insurer to retain 39% of its equity participation. But recognizing a strategic investment status long term, as that given by the FSP, capital asset may be limited to 22%. What mitigate the effects of Solvency II on investments in shares of French insurers