PARIS (Reuters) – The Paris Court of Appeal confirmed on Thursday the decision of the Financial Markets Authority (AMF) to authorize the Caisse des Dépôts to increase the capital of the company Orpea without launching a public offer of purchase (OPA).
In a press release, the court said it had confirmed this decision adopted last May by the AMF “in order to preserve the useful effect of the European directive which is at the origin of the accelerated safeguard procedure and to facilitate the restructuring of companies facing financial difficulties.
The Orpea nursing home group, heavily in debt and shaken by accusations of failings in the care of residents and financial embezzlement, announced in March the opening of an accelerated safeguard procedure by the Specialized Commercial Court of Nanterre .
In May, the AMF granted an exemption to the group led by the CDC with MACSF, CNP Assurances and Maif so that it could acquire more than 30% of the capital of the Ehpad group without having to file a public purchase offer (OPA). ).
The Nanterre commercial court subsequently validated in July the accelerated safeguard plan allowing the implementation of the agreement signed in February with a group of investors led by the CDC to take control of the group, making the the French State its main shareholder.
On the Paris Stock Exchange, Orpea shares climbed 9.70% on Thursday to 1.07 euros at 10:02 a.m. GMT, at the top of the SBF 120. The share has lost more than 90% of its value since the publication in January 2022 of the book “Les Fossoyeurs” by journalist Victor Castanet, reporting in particular mistreatment inflicted on residents.
(Jean-Stéphane Brosse for the French service, editing by Kate Entringer)
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