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Credit Agricole offering 737 mln euros for Creval Deal to benefit from tax breaks to spur corporate tie-ups (Adds official statement)
ROME, Feb 15 (Reuters) - Italy has given a green light to the takeover bid Credit Agricole Italia plans to make for small lender Credito Valtellinese (Creval), the French bank’s Italian arm said on Monday.
The offer by the Italian division of France’s Credit Agricole needed approval by the Rome government, which reserves the right to block unwanted bids in strategic industries such as banking, telecoms and health.
The Rome government has decided not to exercise the special powers granted by the so-called “golden power” regulations in relation to the planned takeover offer over Creval, Credit Agricole Italia said in a statement after two sources had anticipated the news to Reuters.
Treasury says powers should not be exercised in Creval case Credit Agricole offers 10.50 euro a share to buy Creval Third-tier bank fighting to secure a better price - sources
ROME, Feb 8 (Reuters) - Italy is set to give an unconditional green light to the takeover bid Credit Agricole Italy plans to launch for small lender Credito Valtellinese (Creval), three government sources told Reuters.
The offer by the Italian arm of France’s Credit Agricole must be approved by the government. Rome has power to block unwanted bids in strategic industries, such as banking, telecoms and health.
The so-called “golden powers” allow Rome to ward off or set strict prescriptions on takeovers in key industries from non-EU and - under a temporary framework in place until June 30 - also EU groups.
By Reuters Staff
2 Min Read
FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Vertou near Nantes, France, February 11, 2019. REUTERS/Stephane Mahe
MILAN (Reuters) - The board of Credito Valtellinese (Creval) said on Thursday it would seek to create value for its shareholders by looking at all strategic options, as it prepares to give an opinion on the takeover bid launched by Credit Agricole.
The Italian division of France’s Credit Agricole in November offered 10.50 euro a share to buy the third-tier Italian lender for an overall investment of 737 million euros ($895 million).
Referring to comments made by its advisers on the offer, Creval listed an additional tax benefit of around 350 million euros that Credit Agricole Italy would reap as a result of a potential merger with the Italian bank that only materialised after the offer was announced.