Credit Agricole Italia won the takeover bid launched on Credito Valtellinese (Creval) reaching the more than two-thirds of the capital and exceeding the fateful threshold of 66,7%. The official data will be released by the bidding bank after today's stock market trading close, but the result of the tender offer launched by the French, through their Italian representation, is very clear and the market has responded massively to the proposal by Credit Agricole Italia which offered €12,5 per share paid in cash.
With such a result in hand, Credit Agricole Italia ensures full control of the dynamic Valtellinese bank in the sense that it has the numbers to be able to convene and win even extraordinary shareholders' meetings and it is easy to predict that this will be done soon because, thanks to the large success of the takeover bid, the French will certainly proceed with the merger with Credito Valtellinese, in addition of course to the change of the Board of Directors which was elected in recent days but which no longer reflects the changed balance in the shareholder structure.
