The French Government, Caisse des Dépôts et Consignations, Dexia Crédit Local de France S.A. and La Banque Postale S.A. reached an in-principle agreement to acquire Dexia Municipal Agency SA from Dexia SA (ENXTBR:DEXB) for €380 million on February 10, 2012. The deal is subject to the approval of regulatory authorities and the European Commission. The Board of Dexia SA approved the sale. As of December 28, 2012, the transaction was approved by the The European Commission.

Bredin Prat advised the French government. Frédéric Gros, Sophie Chevallier, Isabelle Maury, Gaël Saint Olive, Charles Gavoty, Patricia Jimeno, Karole-Anne Sauvet, Vincent Agulhon, Loic Védie and Nicolas Brice of Jones Day acted as legal advisors to Caisse des Dépôts et Consignations, Dexia Municipal Agency and La Banque Postale S.A. Gibson, Dunn & Crutcher LLP and Allen & Overy France acted as legal advisors to Dexia Crédit Local Société Anonyme. Linklaters LLP (France) and Darrois Villey Maillot Brochier acted as legal advisors to Caisse des Dépôts et Consignations. Gide Loyrette Nouel acted as legal advisor to La Banque Postale S.A. Morgan Stanley acted as financial advisor for Dexia SA. Lazard Ltd. acted as financial advisor for Caisse des Dépôts.

The French Government, Caisse des Dépôts et Consignations, Dexia Crédit Local de France S.A. and La Banque Postale S.A. completed the acquisition of Dexia Municipal Agency SA from Dexia SA (ENXTBR:DEXB) on January 31, 2013. All of the regulatory authorisations have been received.