3 Min Read
MILAN (Reuters) -Credit Agricole has secured its $1 billion buyout bid for Creval after shareholders accounting for two-thirds of the Italian bank’s stock accepted the offer, a person close to the matter said.
FILE PHOTO: A branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. REUTERS/Marcin Goclowski
The acquisition allows the Italian arm of France’s no.2 bank to double its market share in Italy’s wealthiest areas at a time when the country’s fragmented banking sector is consolidating.
To overcome opposition from Creval and many of its shareholders, Credit Agricole Italia raised the price of its all-cash bid for an investment of up to 855 million euros ($1.0 billion) in its biggest overseas market.
3 Min Read
MILAN (Reuters) -Credit Agricole Italia secured majority support for a $1 billion takeover of rival bank Creval on Wednesday, after agreeing to pay the maximum price regardless of acceptance levels for its offer.
FILE PHOTO: A branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. REUTERS/Marcin Goclowski/File Photo
A low take-up had threatened to thwart plans by France’s second-largest bank Credit Agricole to cement its presence in Italy’s consolidating banking sector, which is its biggest foreign market.
As of Tuesday, which was due to be the second-to-last day for the offer, take-up stood at 22.6% of the shares targeted by the bid despite an improved offer price last week.
3 Min Read
MILAN (Reuters) -Credit Agricole Italia secured majority support for a $1 billion takeover of rival bank Creval on Wednesday, after agreeing to pay the maximum price regardless of acceptance levels for its offer.
FILE PHOTO: A branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. REUTERS/Marcin Goclowski/File Photo
A low take-up had threatened to thwart plans by France’s second-largest bank Credit Agricole to cement its presence in Italy’s consolidating banking sector, which is its biggest foreign market.
As of Tuesday, which was due to be the second-to-last day for the offer, take-up stood at 22.6% of the shares targeted by the bid despite an improved offer price last week.
By Reuters Staff
2 Min Read
MILAN (Reuters) - Credit Agricole Italia (CAI) has raised its bid for Italy’s Creval by 140 million euros ($167.6 million) in an effort to secure backing for its plan to expand in Italy’s consolidating banking sector.
FILE PHOTO: A branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. REUTERS/Marcin Goclowski/File Photo
The Italian arm of French bank Credit Agricole announced in November that it would offer 737 million euros, or 10.50 euros per share, for Italy’s third-tier lender.
However, a growing number of Creval shareholders had opposed the bid, which runs to April 21, asking for a better price.
Opa Creval | vince il mercato | l Agricole alza il prezzo zazoom.it - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zazoom.it Daily Mail and Mail on Sunday newspapers.