Such a success was hoped for, but perhaps the French did not even imagine it, who with Credit Agricole Italia launched and won the takeover bid on Credito Valtellinese (Creval) gathering adhesions equal to 91,17% of the capital. With such a high percentage of consents, the French are now fully masters of the field and not only take control of the dynamic Valtellinese bank but they have the numbers to carry out all operations extraordinary they will want.
After the closing of the takeover bid, two possibilities now appear on the horizon: the first is the merger between Credit Agricole Italia and Creval in order to rapidly optimize all possible synergies. But the second is the delisting of the Creval stock from the Stock Exchange. Having exceeded the 90% threshold, Credit Agricole is obliged to withdraw from the market, at the same price as the tender offer (12,50 euro per share paid in cash with an 83% premium), all Creval shares delivered by latecomers.
It goes without saying that, even before the merger and delisting, Credit Agricole – which invested 855 million in the operation, intended for all Creval shareholders - will, in all probability, change the composition of the board of directors of the Valtellinese bank which, despite having been renewed only a few days ago despite the request for postponement by the French, after the closing of the tender offer it is no longer representative of the new balance of the bank and the consequent balance of power between prey and predators.
