Credit Lyonnais advances 1.5% on stock plan

Article Abstract:

Credit Lyonnais share prices increased by 1.5% after its announcement that it would float its shares in the stock market instead of being sold to a lone bidder. Chairman Jean Peyrelevade stated that Credit Lyonnais will attempt to sell its shares to more investors instead of being taken over by a single bidder. Peyrelevade also stated that the bank will also try to forge a partnership with another European bank to alleviate its difficulties. He also added that he will try to generate between five billion French francs and 10 billion French francs by the end of 1998 by issuing new shares to institutional investors. The issuance of the new shares will aid the bank in its effort to improve its capital adequacy ratio.

Comment:

Its share prices increase by 1.5% after saying it would float its shares in the market instead of being sold to a lone bidder

Securities prices

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GE Capital pulls out of running after Credit Foncier bid is rejected

Article Abstract:

GE Capital Corp. announced that it will not make a higher offer for Credit Foncier de France, after its offer was turned down by the French mortgage company. As GE Capital withdraws from the bidding, three companies will be left in contention for the purchase. GE Capital said that economic reasons were the basis of the pullout. Credit Foncier proves to be attractive to investors due to its $16.73-billion property-loan portfolio as well as huge real estate in Paris, France.

Comment:

Will not make a higher offer for Credit Foncier de France, after its offer was turned down by Credit Foncier, France

United States, Asset sales & divestitures, Acquisitions & mergers, Foreign operations, Business Credit Institutions, All Other Nondepository Credit Intermediation, Mortgage Bankers & Brokers, Mortgage and Nonmortgage Loan Brokers, Commercial finance companies, General Electric Capital Corp., Credit Foncier de France S.A.

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Lyonnais certificates fall as investors review value

Article Abstract:

Credit Lyonnais saw its nonvoting shares drop 11% in value following investors' decision to reduce their estimates of the bank's issue price for its upcoming privatization. Credit Lyonnais' shares fell to 30.55 euros following a report that the bank had a present value of approximately 42 billion francs (6.4 billion euros). This was the bank's reported value before the eight billion franc capital increase that will take place with the privatization in June 1999.

Comment:

Nonvoting shares drop 11% as investors reconsider bank's value

Sales, profits & dividends, Banking industry, Finance, Abstract, Securities

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