MBO not on the table at Groupama

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"The group has demonstrated already in France that when they do not receive a proper offer they do not proceed and execute the sale," he said.

"There is no point for the group to under-sell the company at any cost. That is why it will take months to develop and we will see if the group is happy or not in selling based on the interest it has received."

Asked whether he was actively pursuing a management buyout Mr Boisseau stated: "No we are not. To be blunt and honest, today an MBO is not on the

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