Considering that the transaction could not be closed at the end of June, Dexia allowed to continue the negotiation process after the end date initially set. After discussing with GCS Capital and in agreement with its contractual obligations, Dexia decided to denounce the sale and purchase on July 15th 2013.
The sale and purchase agreement provides for a 10 working day notice period, the termination of negotiations will be effective on July 30th 2013. Until that date, the buyer has the possibility to fulfill its contractual obligations and to close the transaction.
This decision does not affect the intention of selling Dexia Asset Management, in order to allow it to pursue its commercial development, while providing a long-lasting situation to its clients and employees.