Groupe Caisse d'Epargne's supervisory board has approved the new venture between its property arm Credit Foncier de France and Nexity, French daily La Tribune reported. Caisse d'Epargne will take a 38.2% stake in Nexity in exchange for 25% of Credit Foncier and other assets. Nexity will subsequently become the regional lender's property arm. Under French law, Caisse d'Epargne is obliged to launch a full bid for Nexity and will have to request the French stock market regulator AMF to make an exception.

Caisses d'Epargne's Credit Foncier and Nexity agreed on a share swap of 3.5 Nexity's shares for every two Credit Foncier shares at end-March.