Credit Agricole Italia ups Creval stake ahead of takeover bid launch

MILAN, March 1 (Reuters) – Credit Agricole Italia said on Monday it potentially held 17.7% of Creval as it awaited European Central Bank authorisation to launch its buyout bid.

Creval said it had also requested ECB clearance to reach a stake of up to 20% in the Italian bank regardless of the outcome of the takeover offer.

In November, Credit Agricole Italia offered 10.5 euros a share to buy Creval for a total investment of 737 million euros, which some of Creval’s shareholders have said they consider as too low.

Credit Agricole Italia on Monday bought an additional 1.14% stake from investors, raising its potential overall holding to 17.7%.

The takeover offer is expected to be formally launched by April after securing a green light from the ECB this month.

Reporting by Elvira Pollina and Andrea Mandala; editing by Valentina Za


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