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Crédit Agricole Italia conquers the CreVal

Success for the takeover bid

Crédit Agricole Italia has communicated that on the basis of the provisional results communicated by the appointed intermediaries, approximately 90.94% of the Credito Valtellinese shares subject to the Offer, representing approximately 88.71% of the share capital of CreVal, are accepted in acceptance of the Offer itself. Taking into consideration the 2.45% stake in CreVal already held, Crédit Agricole Italia will come to hold a total of 91.17% of the share capital of CreVal, above the target threshold of 90%. 

"Today we concluded, with great satisfaction, an operation that is a success for everyone. This is a further confirmation of the deep roots in the Italian territory and the confidence of the Crédit Agricole Group in our country", said the Head of Crédit Agricole in Italy Giampiero Maioli. "With CreVal we will further strengthen our commitment to sustainable growth, capable of generating benefits for all stakeholders, shareholders and, in particular, customers and the people who work there. I want to send a warm greeting to all CreVal colleagues: in the coming months it will be a priority for us to meet them, listen to them and share with them all the advantages deriving from belonging to a large international group". 

"We will continue to invest in the real economy, making all our skills and solidity available to businesses and families. This is our raison d'etre and the way in which Crédit Agricole has worked every day in Italy for more than 40 years, enhancing all the territories in which it is present and building lasting relationships with all the communities. Our Group - concludes Maioli - has always been and will continue to be at the service of our country, to contribute to the relaunch phase that sees us as protagonists in Europe".

 Crédite Agricole, the "banque verte" as it is known in France for its historical roots in the agricultural world, is one of the leading European groups by capitalization.

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EFA News - European Food Agency