The banking risk does not stop. Surprisingly the Crédit Agricole Italy, the Italian subsidiary of the French giant already deeply rooted in our country, has launched a takeover bid on Credito Valtellinese (Creval). The offer is all in cash: 10,5 euros for each Creval share. The price incorporates a premium of 21,4% compared to the current Stock Exchange prices and as much as 53,9% compared to the weighted average price of the Creval share in the last six months.
This was communicated this morning by Crédit Agricole Italia itself, specifying that it is a matter of a voluntary and totalitarian takeover bid. The offer involves an investment of 737 million euro. The bank controlled by Crédit Agricole also announced that it has already received a commitment to sell its shares in Creval by Algebris, which currently holds 5,4% of the capital of the Valtellinese bank. Similarly, Crédit Agricole Assicurances, controlled by the French giant and which currently holds 9,8% of Creval, will sell its shares to the cousins of Crédit Agricole Italia.
The offer period will end in May 2021 and the validity of the transaction will be conditional on the achievement of 66,7% of the share capital with voting rights of Creval. Condition that can be overcome if Crédit Agricole Italia collects at least 50% plus one share of Creval.
The takeover bid will be the first step in proceeding with the merger by incorporation of Creval in Crédit Agricole Italia which will thus consolidate its position at the top of the Italian banking system.
According to Riccardo Colombani, general secretary of the banking syndicate First Cisl, the takeover bid "seems to be going in the right direction" and the behavior of the French group in Italy gives rise to hopes "that the operation is not aimed only at consolidating the system, but has goal is the creation of value for all stakeholders”. In fact, the merger can be "an opportunity for greater investment in labour, through a policy of hiring that goes against the trend of the sector, especially as regards Southern Italy".
13.30 hours update
The announcement of the takeover bid on Creval boosted the Unicredit stock on the Stock Exchange (+3,45%, to 8,762 euros), pushed to the top of the Ftse Mib by the rekindling of speculation on a possible merger with Mps (+1,5. 2021%), which the State has undertaken with Europe to reprivatize by XNUMX.
