Posted on Nov 23, 2020 at 9:37 am
New wave of consolidation in the Italian banking sector. Crédit Agricole Italia, a 75.6% subsidiary of the French bank, announced on Monday the launch of an all-cash takeover bid for all the ordinary shares of Credito Valtellinese (Creval). The Italian subsidiary of the French bank is offering 737 million euros for 100% of the securities. It offers 10.50 euros per share, ie a premium of 21.4% compared to the last price of Creval.
In a press release, Crédit Agricole Italia specifies that the combination of “ two banks with the same culture rooted in the territories, consolidates the sixth banking group in Italy “. Creval, born in Valtellina, north of Milan, is the tenth transalpine banking group. In recent years, it has embarked on a restructuring of its balance sheet for a possible merger. At the start of 2018, a capital increase of 700 million euros, or at the time eight times its market capitalization, was thus launched. In the summer of the same year, Crédit Agricole Assurances (CAA) had risen to 5% in the capital of Creval.
