After the success of the voluntary tender offer promoted by Crédit Agricole Italia on the shares of Credito Valtellinese reached on 23 April 2021, through which Crédit Agricole Italia has come to hold 91.17% of the share capital of Crédit Agricole Italia announces that it has exceeded the threshold of 95% of the share capital of the Sondrio bank.
Towards the merger between the two banks
According to the procedures in force, at the end of the sell out period (delivery of the securities) which ends on 21 May 2021, and after the payment of the consideration which will take place on 28 May 2021, the squeezeout procedure will be applied, through which Crédit Agricole Italia will come to own 100 % of the share capital of CreVal, for a total consideration of 861 million euros. The final results of the sell out procedure and the details of the squeeze out procedure will be indicated in the press releases that will be published in this regard after the end of the sell out period. The success of these operations will further facilitate the merger of Crédit Agricole Italia and CreVal, scheduled for 2022.