Credit Agricole's Italian Subsidiary Launches Bid to Buy Credito Valtellinese
November 23 2020 - 2:26AM
Dow Jones News
By Cecilia Butini
Credit Agricole SA said Monday that its Italian subsidiary
Credit Agricole Italia SpA has launched a voluntary public cash
tender offer to acquire all ordinary shares of Italian bank Credito
Valtellinese SpA.
The offer was placed at 10.50 euros ($12.45) per share,
corresponding to a total investment of EUR737 million from Credit
Agricole Italia for 100% of Credito Valtellinese shares, the bank
said.
The acquisition is expected to generate a return on investment
for Credit Agricole Italia's shareholders of more than 10% by the
third year, Credit Agricole said. The deal would make Credit
Agricole Italia SpA the sixth largest retail bank in Italy.
The offer is subject to Credit Agricole Italia achieving at
least 66.7% of Credito Valtellinese's voting share capital or 50%
of voting capital plus one share, and is conditional on antitrust
approval, it said.
Write to Cecilia Butini at cecilia.butini@wsj.com
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(END) Dow Jones Newswires
November 23, 2020 02:11 ET (07:11 GMT)
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