Crédit Agricole: tender offer for Credito Valtellinese
(CercleFinance.com) - Credit Agricole SA's Italian subsidiary Credit Agricole Italia (75.
6%-held), has announced the launch of a public tender offer for all the ordinary shares of Credito Valtellensee.
At 10.50 euros per share, this offer represents a premium of 53.9% to CMPV of Credito Valtellense's 6-month VWAP and 21.4% compared to its official share price (as of 20 November 2020), and represents a total investment of 737 million euros.
Through this transaction Crédit Agricole Italia aims to reinforce its competitive positioning as the sixth largest retail bank in Italy in terms of funds managed and administered, and to become the seventh largest Italian bank by total assets and number of customers.
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