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| Redemption Offers
Devanlay (JP Morgan, Crédit Lyonnais) : independent expert opinion on the redemption offer for Devanlay shares by SIPDT. Alcatel : independent expert opinion on the redemption offer for Générale Occidentale by Alcatel-Alsthom. Cauval Industries : independent expert opinion on the redemption offer for Cauval Industries by Parfival. Banque de Picardie : independent expert opinion prior to CCF's bid and subsequent redemption offer for Banque de Picardie. Dexia : independent expert opinion on the redemption offer for Dexia France shares by Dexia. Restructurings Pinault Printemps Redoute : defined exchange parity for Pinault Printemps' public offer of exchange on La Redoute ; defended this parity in front of French regulators following minority shareholders' challenge of the deal. Paribas : fairness opinion on the remuneration of a business transfer from Paribas to Klépierre and the acquisition of Compagnie financière by Klépierre. UCB : fairness opinion on the valuation of contributions within the spin-off of UCB Entreprises by UCB. Compagnie Bancaire : fairness opinion on its bid for Cardif ; fairness opinion on its bid for UFB-Locabail ; opinion on the parity envisioned for the acquisition of Cardif by Compagnie Bancaire. BRED Banque Populaire: independent expert opinion on a cession of real estate assets by Sofon and Spig to Locafinanciere. Michel Thierry SA: fairness opinion on Financière d'Olmes's takeover bid on Michel Thierry SA and on the spinoff of Michel Thierry SA clothing division to Paribas LBO Fund.
IPOs/Valuations Groupe Flo
Capital Structure Moulinex : as consultant, helped establish a five-year business plan; assisted in negotiations with banks to determine the best financing. Lagardère Groupe : recapitalization plan, transformation of MMB from a public company to a partnership limited by shares, redemption offer by Lagardère Investment on MMB shares, business transfer from Banque Arjil to MMB, scrip issue of equity warrants to shareholders not having taken up the redemption offer, new equity issue for MMB. Dexia Banque Privee: fairness opinion on the valuation of Prigerance, a portfolio management subsidiary, and its conformity to conventions agreed upon with one of its managers. Orfi: fairness opinion on the company during its leveraged buy-out. West LB: critical evaluation of the DM 4 billion amount that the European Commission's competition watchdogs ordered West LB to pay in order to make up for its allegedly insufficient remuneration to the Land of Nordrhein Westfalen for assets the Land transferred to West LB so as to reinforce its capital ratios.
Estates and Taxation Various valuations of leading shareholders' stakes in quoted companies to aid in the preparation of their tax returns.
Within a conceptual financial framework, Associés en Finance makes companies' strategic orientations and future prospects compatible with their valuation through a careful study of the broker reports concerning them: Alcatel, Alstom, Aérospatiale Matra, Eiffage, Casino.
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