Groupama Chief: Potential Buyers Finalizing Bids For GAN Unit
March 15 2012 - 10:16AM
Dow Jones News
French insurer Groupama expects to receive shortly final bids
for its unit GAN Eurocourtage, Groupama's chief executive Thierry
Martel said Thursday.
"We should see things more clearly by the end of March," Martel
said at a press conference.
Deputy Chief executive Christian Collin said the group had also
initiated the sale of it private equity business. "The process has
been launched and should be completed by the end of the year," he
said.
In a bid to reduce the risks associated to the group's strategy,
Groupama plans to reduce its shares portfolio, which includes small
holdings in Societe Generale SA (GLE.FR) and Veolia Environnement
SA (VE), by 35%-40% this year.
Groupama Thursday reported a EUR1.76 billion loss in 2011, hit
by the market's downturn and write-downs on its Greek sovereign
debt holdings, down from a net profit of EUR398 million.
-By Noemie Bisserbe, Dow Jones Newswires; +33 1 4017 1740;
noemie.bisserbe@dowjones.com
(Inti Landauro contributed to this article.)
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