Credit Agricole Seeks Approval to Raise BPM Stake Over 20%
(Bloomberg) – Credit Agricole SA tries to increase his shares in Banco BPM SPA, strengthens his position as a great shareholder, and potentially complicates Unicredit Spa’s efforts to acquire the Italian lender.
According to a statement late on Friday, the French Bank requested the authority to increase the holding of Banco BPM over 20%of the European Bank’s European Bank. Credit Agricole is currently 19.8% after increasing his shares earlier this year.
Unicredit comes as he continues to explore a potential transfer options, which is a process blocked by the Italian government. These obstacles encouraged the bank led by Andrea Orcel to make legal transactions.
In the coming days, a decision on the conditions affecting Unicredit’s proposal is expected and potentially affects the chance of an agreement. Orcel warned that Rome would probably move away from Russia, keeping Rome at a certain level in relation to deposits, and if she does not clarify the demands of Banco BPM’s asset manager Anima Holding SPA, including protecting domestic investment.
Last year, Unicredit launched an undesirable transfer offer for Banco BPM last year, which encouraged Credit Agricole to increase his shares. ECB had previously approved the request for increasing Credit Agricole’s share from 9.9% to 20%.
Italy is Credit Agricole’s largest market outside France, and the French Bank has been the largest shareholder of Banco BPM for a while and collaborates with Italian consumer loan and non -life insurance initiatives. At the same time, Credit Agricole’s asset management branch Amundi sa, greatly rely on Unicredit for the distribution in Italy.
Credit Agricole said in Banco BPM that he plans to buy enough shares to push his shares “right on top”, but “control or use control”.
Unicredit said that Orcel did not have active discussions with the credit Agrolle on the Banco BPM proposal in February.
-Help from Sonia Sirletti.
(Updates with context throughout)
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