Creval says goodbye to the Milan Stock Exchange. Following the successful takeover bid by Credit Agricole Italia, the Sondrio bank announced that "following the joint procedure for exercising the right to purchase the bank's shares and, at the same time, fulfilling the obligation to purchase, Crédit Agricole Italia owns 100% of the share capital of Creval and of the voting rights starting from today's date, 4 June 2021, and consequently, Borsa Italiana has ordered delisting on the Mercato Telematico Azionario (MTA) of the ordinary shares of Credito Valtellinese starting from today”.
At the end of the offer period, Credit Agricole had received subscriptions equal to 91,17% of Creval's capital and during the sell-out period it received requests for sale equal to 2,616% of the capital. The Institute also bought shares on the market. Last week, the French bank announced that it held 97,203% of the capital of Creval after having fulfilled its obligation to purchase the shares of the Valtellina bank that were not yet in its possession. L'Agricole, at the end of the procedure squeeze out, then rose 100% of the capital, giving the start of the delisting operations.
From tomorrow the operations that will lead to the wedding will begin. The next important appointment is scheduled for 18 June, when the ordinary assembly of Creval will meet for appoint the board of directors of the new course Agricole license plate. By the end of 2022, it will be completed the merger between the two institutes. "This operation - said Giampiero Maioli, CEO of Credit Agricole Italia - constitutes a new and beautiful page in history for a group that has been investing in Italy and its potential for decades".
