Subscriptions for more than 30% of the capital on the last day of the offer: the climb of the French of the Credit Agricole Italy to the Valtellinese institute headed by Luigi Lovaglio. Opa ostile launched at the end of November last year and launched on the market on March 30 which costs the bidder overall 855 million euros.
According to what financial sources say to Affaritaliani.it, the bank of Giampiero Maioli he collected total subscriptions equal to 91.17%, percentage that allows the Green Bank to reach the threshold beyond which it can no longer renounce the takeover bid, having to proceed with the merger by expanding its corporate perimeter. Now there is the obligation for the Agricole to withdraw at the same price of the offer, with a residual offer, all Creval securities eventually delivered by latecomers.
After a hard battle, made up of notes and against notes, with the hard core of CreVal shareholders constituted by the French billionaire of large-scale distribution Denis Dumont and come on investment funds, the exceeding the 50% threshold two days ago he did trigger mass accessions of ETFs, the passive funds that they have delivered to the custodian banks appointed by theAgriculture the securities in their portfolios. A full house that raised the raised capital from 50 to over 90%.
Yesterday in fact, adhesions amounted to 48.2%, to which it goes added an additional 2.45% bought by Credit Agricole in the blocks before the launch of the takeover bid.
Tuesday night the decisive strategic move by the third European banking group which has changed, after having raised a first time the price from 10.5 to 12.2 euros with an additional premium of 0.3 euros upon reaching 90% of the membership, the final structure of the offer: 12.5 immediately, without conditionality, extending the takeover bid by two days.
Choice that brought down the wall of members (in addition to the Dfgd of Dumont, Alta Global Investments, Hosking Partners, Tig Advisors e Petrus Advisers) that just a few days earlier had folded theAgriculture at the shareholders’ meeting, rejecting the request for postponement of the vote for the renewal of the board of directors and re-electing Lovaglio for a second three-year term. Which will now end within 12 months.
“Today we have concluded, with great satisfaction, an operation that represents a success for everyone further confirmation of the deep roots in the Italian territory and the confidence of Crédit Agricole in our country“said Maioli in a statement at the end of the day.
@andreadeugeni