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Crédit Agricole, sink into the Valtellinese

The offer has been adjusted to 12.2 euros per share. Maioli: It's our final offer"

Crédite Agricole relaunches the takeover bid on Credito Valtellinese, with an increase to 12.2 euro per share (from 10.5) plus another 3 cents if 90% of the shares delivered in takeover bid are reached. The banque verte reports that the new consideration incorporates a premium of 41.0% compared to the official price of the Shares as at 20 November 2020 (i.e. the last Trading Day prior to the Announcement Date) and 78.8% compared to the average arithmetic, weighted by the volumes traded, of the official share prices in the six months prior to 20 November 2020. If the 90% Threshold is exceeded, the total consideration of Euro 12,500 (cum dividend, i.e. inclusive of coupons relating to any dividends distributed by the Issuer) would incorporate a premium of 44.5% with respect to the official price of the Shares as at 20 November 2020 and 83.2% with respect to the arithmetic average, weighted by the volumes traded, of the official prices of the Shares in the six months preceding the November 20, 2020.

"The macroeconomic scenario after the launch of the offer has evolved positively and the growth estimates for our country have been revised upwards", explained Giampiero Maioli , Head of Crédit Agricole in Italy. "The installation of the new led government by Chairman Mario Draghi also had important repercussions on the performance of the markets and of the banking sector in particular. Our goal is to generate benefits for all stakeholders and we have deemed it appropriate to further enrich our offer. We are offering a 100% cash consideration with an unprecedented premium in the history of takeover bids in Italy. We have also provided for an additional bonus in the event that the takeover bid reaches a high level of acceptance by the shareholders ".

"It is an important recognition for all Creval shareholders, confirming the goodness of our project, which has a very specific industrial perspective and aims at enhancing the territory and supporting the real economy, continuing to confirm the great attention and trust in the Italy, with a long-term vision, by the Crédit Agricole Group. This is our final offer - concludes Maioli - and I remember that it is the only one".

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