DOW JONES–Credit Agricole has secured access to 5.2 percent of the shares in Banco BPM through financial instruments. With the approval of the Italian supervisory authorities, these can be converted into shares, the French credit institution said. Credit Agricole already holds a 9.9 percent stake in the Italian bank and could expand this to a total of 15.1 percent.
Credit Agricole is seeking regulatory approval to increase its stake in Banco BPM to a total of 19.99 percent.
Banco BPM had recently rejected a takeover offer from Unicredit. With the larger rival’s offer worth a good 10 billion euros, the company is being undervalued, BPM said. Profitability and the value potential for BPM shareholders are not sufficiently taken into account.
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(END) Dow Jones Newswires
December 07, 2024 3:22 pm ET (8:22 pm GMT)
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