06 July 1998
French government to buy remaining GAN shares
The French government is to buy back the outstanding quoted shares in state-controlled insurance group GAN.
It will buy the remaining 18% at FFr170 (£16.98) each. It will launch a compulsory purchase of the remaining capital at a price to be determined by an independent accountant if it succeeds in obtaining at least 95%.
It follows the purchase by Groupama, a big agricultural insurer, of the core insurance activities of GAN last week for FFr17.25bn, accompanied by additional guarantees by the state of up to FFr2.9bn.