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.