France's CDC Injects EUR300M In Insurance Broker GAN Eurocourtage

French state-controlled financial institution Caisse des Depots et Consignations, or CDC, Wednesday said it subscribed to a reserved capital increase of EUR300 million from insurance broker GAN Eurocourtage, a unit of privately-held French insurer Groupama, which put it up for sale.

"This is a financial investment for Caisse des Depots," the CDC said in a statement. "The preferred shares, with no voting rights, will have a priority right on dividends."

GAN Eurocourtage is the third largest insurance broker in France with revenue of EUR1.58 billion in 2010.

The plan to sell GAN includes the disposal of the shares held by Groupama as well as the new preferred shares from CDC, the statement said.

Groupama announced back in December that CDC had agreed to inject capital into GAN Eurocourtage, as well as the merger between real investment companies Silic (SIL.FR), 44% owned by Groupama, and Icade (ICAD.FR), 56% owned by CDC.

-By Ambroise Ecorcheville, Dow Jones Newswires; 33 (0)1 40 17 17 71; ambroise.ecorcheville@dowjones.com

(Inti Landauro contributed to this article.)

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