The two partners camping on their positions

The divorce is not yet declared, but this cannot delay. After months of negotiations, the Group Caisse d'Epargne and MMA seem determined to complete the Ecureuil casualty record. According to our information, the two partners signed yesterday a memorandum of agreement formalising a common methodology of development of this company, created in 1997 to develop the damage insurance products distributed in the network of the Bank. The approach is important. For more than two years, negotiations to resolve the partnership foundered on the price of output of MMA ("Les Echos" from February 15), which still holds 35 of Ecureuil property and casualty.

The dispute between the two partners began in October 2004. The Bank, on a partnership of distribution with the Macif and Maif, then expressed its intention to redeem the minority of MMA participation. The idea, already, is to replace capital Ecureuil property and casualty, community mutual by its two niortaises counterparts.

Two readings of the contract

MMA, which is then not especially sales, warns of at the outset that it would accept out "at a fair price". No amount is officially pronounced, but it is known that the mutual chaired by Jean-Claude Seys intends to climb the addition. Ecureuil IARD is a recent company, she succeeded as the third bancassureur France damage, although far behind the two heavyweights are Pacifica (Crédit Agricole) and Crédit Mutuel insurance. It is 223 million euros in sales in 2005 and then 1.3 million contracts in the portfolio. In the highly competitive market of the damage insurance for individuals, it displays growth rates to fade of like competition ( 23 in 2005). And its objectives are to the endorsement: 2 million contracts further damage are expected to attend the 2008 horizon.

The two partners camping on their positions. To justify price "from one to ten" differences, they are based on a radically different reading of the contract. For the Bank, it is especially access to the network of Caisses d'Epargne Ecureuil property value. For MMA, the company is worth as much as it produces results consistent with its business plan. And its value can go only in is appreciating. However, the mutual has an option for the sale of its enforceable participation in 2009. It wishes to obtain a price corresponding to the present value of the company to horizon 2009.

After being long take the ear, the squirrel is is apparently resolved, at least in part. Specifically, the Protocol Agreement provides method that each of the two partners will have to use to estimate the value of the 35 of MMA in Ecureuil property and casualty.

They give up to the end of the quarter to do so. Valuations are "close", and the price will result from the average of the two. They are still "remote", and an expert will be appointed to make its own estimate. The final price will then correspond to the average between the valorisation of the expert and partner approaching the most.

The history of the round table of Ecureuil IARD is completed so far. A new chapter will then open to allow the arrival in the capital of Macif and Maif. Question how is.