Crédit Agricole says no to the takeover bid launched by Mps on Banco Bpm. After having effectively blocked the marriage between equals hypothesized by the top management of the two banks, the French group also rejected the offer conceived by the CEO of Monte dei Paschi. Louis Lovaglio to resist the grip of Intesa Sanpaolo. Banque Verte, on the other hand, is reportedly pursuing a much more ambitious project that has been discussed for some time: a marriage between the bank and its subsidiary. Crédit Agricole Italia.
Crédit Agricole: "Uninteresting takeover bid that doesn't create value."
The print reveals that recently there would have been a contact between Crédit Agricole and the number one of MPS, during which the French bank's top management did not spare criticism or hide their opposition to the operation. "The offer," the Turin newspaper explains, "is judged uninteresting, unable to create adequate value for shareholders and, in French circles, would be considered even unrealistic".
A merciless judgment that could put an end to Lovaglio's plans. While Generali, as Banca Generali's largest shareholder, has said it is willing to evaluate the other offer put forward by MPS to defend itself from Intesa, in the case of Banco BPM, Crédit Agricole's refusal could spell the end of the deal. The French bank has, in fact, almost 29,3% of the Bank in hand, a percentage that is almost impossible to contain despite Lovaglio having already demonstrated in the recent past that he is a miracle worker.
Crédit Agricole Italia's potential merger with Banco BPM
The Banque Verte is reportedly working on another option, namely the possible marriage between Banco Bpm and Crédit Agricole Italia, a project that the print describes as “long and winding”, also because there is a difficult rock to overcome: atextraordinary assembly, where a two-thirds majority will be required, Paris will not be able to vote because it is a related party. In fact, being a shareholder of Banco Bpm, Agricole would find itself in a situation of conflict of interest and would not be able to participate in the vote, leaving the outcome of the matter in the hands of the other shareholders and, above all, in the ability of the Piazza Meda management led by Giuseppe Castagna to build the necessary consensus around the operation.
