Freshfields leads on major French banking merger
Freshfields Bruckhaus Deringer has advised the French Government on a merger deal that is set to create the second-largest bank in the country, with a combined equity of €40bn (£36bn). Leading French banks Caisse d'Epargne and Banque Populaire finalised a tie-up yesterday (26 February), with both establishments advised by a raft of French independents.As part of the arrangement, the French state has agreed to become a direct shareholder - taking a 20% stake in the combined bank. The name of the combined entity will be CEBP, effective as of June.Freshfields Paris-based securities and M&A partner Patrick Bonvarlet advised the French Government, while Bredin Prat acted for Banques Populaires. Veil Jourde, Gide Loyrette Nouel and Darrois Villey Maillot Brochier all won roles for Caisses d'Epargne.
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