AXA and Credit Foncier de France (CFF) reach an agreement with GECINA on their stakes in SIMCO

GECINA, AXA and Credit Foncier de France announce today that they have reached an agreement on the conditions under which AXAÂ's and Credit Foncier de FranceÂ's stakes (31.7% et 20.9% respectively) in SIMCO, a property company listed on the Premier Marche of Euronext Paris, will be acquired by GECINA through a public offer to be launched by GECINA on SIMCO.

The relevant committees of Credit Foncier de France will meet prior to launching of the offer.

GECINA will offer euro 57.33 and 0.3 GECINA share for each SIMCO share in a mixed cash and share public offer. Based on GECINAÂ's 1-month volume weighted average share price up to 26 July 2002 (1), the offer values each SIMCO share at euro 86. GECINAÂ's offer will include a 'mix & match' option allowing SIMCO shareholders, under certain conditions, to modify the cash and share portion which they will receive for their SIMCO shares within the limit of a global portion of two thirds cash and one third in GECINA shares. The offer will be filed with the French Stock Exchange authorities by 9 September 2002.

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(source: AXA)

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