AXA Private Equity acquires control of Camaïeu from the Torck and Giraud-Verspieren families Paris, 13 January, 2005

The Torck and Giraud-Verspieren families together with certain members of Camaïeu's management team, have irrevocably undertaken to sell their direct and indirect interests in Camaïeu to Financière Addax, a company owned by AXA Private Equity, at a price of € 85 per Camaïeu share cum 2004 dividend.

Financière Addax will own a controlling block of 37.7% of Camaïeu's capital and 52.7% of the voting rights following the acquisition of the assignors' direct and indirect interests in the company. These percentages will be raised to 39.6% and 54.7% respectively after the transfer of a number of Camaïeu shares, carried out at a price of € 85 per share, by certain members of the management team and of the Verspieren family. 

Jean-Pierre Torck, founder of Camaïeu and President of the Supervisory Board explained: "This friendly deal will allow us to sell most of our interests in Camaïeu and to diversify our family assets by founding new companies which will generate employment and social projects (e.g. creating homes for people suffering from cranial fractures). We will remain involved in the development of the company I founded, alongside AXA Private Equity, an internationally-renowned management company".  

Dominique Gaillard, a member of AXA Private Equity's Executive Board, added: "This investment is part of our strategy of acquiring family-owned companies. The support of Jean-François Duprez, CEO of Camaïeu and of all the members of the Executive Committee guarantees that the company will continue to pursue its long-term objectives".  

The closure of this deal (scheduled for 31 January 2005) is subject to the provision of financing by Financière Addax's designated financial institutions.

After the acquisition of the controlling block, Financière Addax will begin proceedings for a planned public tender offer for all Camaïeu shares it does not already own. It will offer to buy all the shares of Camaïeu's shareholders at the same price as that paid for the controlling block (i.e EUR 85 per share cum 2004 dividend). An official statement will be published to accompany this operation. This planned public offer and the corresponding prospectus will be submitted to the French Financial Markets Authority (AMF). 

At Camaïeu's request, the share price was suspended on 13 January 2005 at the market's opening. The share will resume trading on 14 January 2005 at the market's opening.