COFACE SA: Shareholding evolution
COFACE SA (“COFACE”) acknowledges the announcement made today by Natixis of its sale of 29.5% of the share capital of COFACE to Arch Capital Group Ltd (“Arch”) as well as Arch’s affirmed support of COFACE’s current management and of its new 2023 strategic plan Build to Lead.
Natixis has stated its intention to resign from COFACE’s Board of Directors after the closing of the transaction. Natixis also specified that its agreement with Arch states that, on this date, COFACE’s Board of Directors will be composed of ten members comprising four members proposed by Arch and six independent directors (including the current five independent directors).
COFACE’s Board of Directors, liaising with the Nominations and Compensation Committee, decided to immediately launch a search for the future Chairman of the Board whose term of office will take effect on the closing date of the transaction. The Chairman of the Board will be an independent director.
COFACE’s Board of Directors has been informed of the intention of Arch, valid for a twelve-month period as from closing of the transaction, not to take control of COFACE.
The closing of the transaction is subject to all required regulatory authorisations.
Xavier Durand, Coface CEO, stated:
“This transaction marks the beginning of a new era for Coface. It reflects the recognition of the work accomplished by the company in connection with Fit to Win, and confirms the success of this strategy.
Arch Capital Group is a solid company, a specialist in the insurance sector with a recognized expertise, and a profitable growth path in its various businesses. We welcome the support expressed by Arch to the new strategic plan Build to Lead and the current management team.”