Offer for a complete package of shares. With the takeover, Crédit Agricole Italia would become the sixth largest banking group in Italy.
Crédit Agricole Italia, the Italian subsidiary of Crédit Agricole, made a public offer to buy the Lombard bank Credito Valtellinese (Creval) on Monday. The offer concerns the complete package of Creval shares, it said in a press release on Monday.
Crédit Agricole pays 10.5 euros per Creval share. The French company is thus investing 737 million euros in the acquisition of the entire block of shares in the listed bank. The share price includes a premium of 21.4 percent over the Creval share price on November 20 and 53.9 percent over the average price of the stock over the past six months.
The purchase offer is valid until May 2021. The goal is achieved if Crédit Agricole acquires at least 66.7 percent of Creval's capital. Should Crédit Agricole take over 90 percent of Creval shares, the Italian bank with assets in the order of 24 billion euros is to be taken from the Milan stock exchange, it said. With the acquisition of Creval, Crédit Agricole Italia would become the sixth largest banking group in Italy.
