The implementation of BNP and Paribas's integration is proceeding according to schedule and plan of action. More than 400 executives have been appointed for the new group and the working groups in charge of the integration plan and the implementation of its synergies are starting their work in each line of business.
In order to accelerate the implementation of the new group's legal framework, BNP's Board of Directors has authorised its chairman to launch a Public Buy-out offer on Paribas's remaining stock to be followed by a compulsory withdrawal, on the basis of a price of EURO 111 per share . Paribas's Supervisory Board has been informed of this decision.
BNP has proposed to the Conseil des Marchés Financiers and the Commission des Opérations de Bourse to appoint the consulting firm Détroyat Associés as independent expert for this procedure .
In view of the administrative and regulatory delays which are necessary in preparation of such an offer, the effective filing of the offer should occur around the end of this year and the closing of the compulsory Buy-out Offer would take place around the end of January 2000. As a result of this offer, and compared to a merger which could not be completed before April or May, the completion of the group's legal integration would be thus possible three or four months earlier.