FRANCE - AXA falls short of 95% to delist Camaïeu

On 31 January 2006, AXA Private Equity (AXA PE) launched a simplified tender offer for Camaïeu’s remaining 47.2% floating on Euronext Paris. As previously, the shares were offered at EUR 130. The tender offer closed last night on 13 February 2005 leaving newco Modamax, in which AXA PE has majority shares, with 64.6% of Camaïeu’s share capital and 74.1% of its voting rights. Although AXA PE declares that it is ‘satisfied’ to exceed the majority of two-thirds in voting rights, it is still a long way from having achieved the necessary 95% to delist.