Luigi Lovaglio CEO of Creval Group (Lapresse)

As they continue the speculative movements in the Creval shareholder base finished under the takeover bid of Credit Agricole Italia and the adhesions of the shareholders of the Valtellinese bank, after the first week of the offer (which began on March 30 and destined to close on April 21), travel just above the “zero point” of the capital, now it is open war between the French and the board of the former popular led by Luigi Lovaglio.

Photo Giampiero Maioli
The CEO of Credit Agricole Italia Giampiero Maioli

After presenting a exposed to Consob against the bank, in the afternoon Credit Agricole Italia issued a note in which he again beat the Board of Creval (in progress to resolve on the subject matter of the survey) indicating that “more than a week after the presentation“Of the proposal to postpone the renewal of the corporate bodies “On the first useful date following the closing of the takeover bid“, This proposal”it is not yet published on the internal sitet ”of the Valtellinese institute.

Furthermore, the group, whose subsidiary in Italy is managed by Giampiero Maioli, then underlined that “qhis lack of information was reported to the Creval Board of Directors and to the authorities, since the failure to promptly publish the proposal on the Creval website it affects the regular conduct of the shareholders’ meeting and the correct and informed exercise of the right to vote in the shareholders’ meeting ”of the Valtellinese bank.

“Moreover, we do not see the reasons – concluded the Maioli bank – why the Board of Directors of Creval should not publish, if not even support, the proposal, which is clear, neutral and formulated in the interest of Creval and all its shareholders”.


Last week the French had motivated their request by explaining how it is “it is appropriate, on the basis of the rules of good governance and principles of fairness, to postpone the corporate appointment.

And motives? In light of “significant changes” in the shareholding structure expected from the outcome of the offer, CreVal, the French stressed, would be forced to “a double renewal of the administrative body in a short period of time, with the negative repercussions and the unnecessary increase in time and costs that would ensue”.

Furthermore, theAgriculture he also put highlighting how the outgoing Board of Directors also called the assembly to express itself in the Cesarini area on “a new 2021 bonus pool plan” which contains amendments to the bank’s remuneration policies “To make it assimilable – without this being adequately brought to the attention of the shareholders – to a so-called golden parachute for its beneciari ”. With obvious cost increases, such as those deriving from any causes of removal without just cause moved by the old directors, for the management of the incoming new controlling shareholder (51% in the event that the takeover bid is successful).

Meanwhile, while the ups and downs of the fund continue Dws Investment in the shareholding structure (in a few days it went from 5,863% to 4,608% and then back up to 7,057%), the proxy adviser Iss recommended to the CreVal members of do not vote for the list presented by Denis Dumont, 6.15% shareholder and confirming a large part of the outgoing board headed by the Ceo Lovaglio, for the renewal of the Board of Directors.

Iss, one of the voices listened to much by the large institutional funds (massively present in the capital of the Lovaglio group), justified his indication by explaining that list presented by a group of institutional investors better represents the interests of minority shareholders and has a independent view on the action of management.


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