AURELIUS sells part of its share in French bank
- Sale of 15 percent to French Laser-Cofinoga Group
- Purchase price is about 12 million euros
- Sale will result in significant extraordinary gains in the fourth quarter
The Munich industrial holding AURELIUS has successfully sold a share in its interest in the French bank Compagnie de Gestion et des Prêts (CDGP). The purchaser of the share amounting to 15 percent is LaSer Cofinoga, a subsidiary of the biggest French banking group, BNP Paribas. The purchase price for the holding is about 12 million euros. This results in a current market value for CDGP of 80 million euros in total.
CDGP is a subsidiary of the Quelle France Group, which AURELIUS bought in July 2007 from Arcandor. Founded in 1977 as a company bank to handle installment payments, the company has in recent years developed into a national specialist for consumer loans. Today CDGP has a regular customer base of 250,000 active customers and a balance sheet total of over 400 million euros.
Following the sale of the KWE Group in August, the transaction represents the second exit of the industrial holding AURELIUS in the current financial year. “The fact that we managed to keep CDGP away from the current issues in the banking sector makes the company especially attractive for others,” explains Dr. Dirk Markus, CEO of AURELIUS. “For AURELIUS, the sale means significant extraordinary gains in the current quarter.”
The management board expects distinct earnings growth compared to last year for the third quarter, on whose development AURELIUS will report at the end of November. The reasons for this, apart from the positive course of business operations, are benefits from company acquisitions, above all the takeover of Berentzen-Gruppe AG in July.
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