Crdit Agricole conquers Creval. Subscriptions to the takeover bid launched by Banque Verte on Credito Valtellinese reach 90.94%. A success that allows Crdit Agricole to reach and exceed 91% of the capital. A threshold higher than the 66.7% required to proceed with the merger and also the 90% required for the delisting of Creval. A success, which after the Ubi-Intesa Sanpaolo merger reopens the chapter of Italian banking risk.
La Banque Verte bought on February 19th over 919 thousand Creval ordinary shares, equal to 1.31% of the share capital, and then purchased another 800 thousand shares equal to 1.14% of the share capital in early March. In both cases at a unit price of 10.5 euros, i.e. the consideration for the first offer, then became 12.5 euros, without conditions for achieving quotas. On April 22, the stock finally closed at € 12.24 (minus 1.61%), with very low volumes. The subscriptions to the takeover bid would have come to ensure a share of more than 50% for Crdit. Then, Crdit Agricole underlined that it had decided to change the conditions of the takeover bid, in light of the constructive approach and support to the Offer expressed by the investors and in order to favor the realization of the industrial integration between Creval and the Crdit Agricole group Italy. A move that would have convinced the investment company DGFD of the French tycoon Denis Dumont, owner of a stake of 6.15%, to deliver the shares.
Also Global High, one of the largest investors in Creval, welcomed the decision to raise the price of the takeover bid. The company wants to underline once again the strategic importance of an operation that can create value for the shareholders of both banking groups, it had stated adding that in the light of the improvement of the offer with which Crdit Agricole Italia finally recognizes the success of the transformation process del Creval and its value, Alta Global will deliver the shares corresponding to 5.14% of the capital. And the company had encouraged other investors to take a constructive stance, take advantage of the price hike and support the merger.
I loved that Crdit Agricole accepted the invitation to review the offer and, believing that the integration of Credito Valtellinese into the third European Banking Group could generate benefits for all stakeholders, I decided to join with my actions. The French entrepreneur, Denis Dumont, one of the historical shareholders of Credito Valtellinese, had underlined in a statement, who leaves the institute three years after the investment. A cycle closes for me who saw me less than three years ago as the promoter of the change project, shared by almost all the shareholders, which led Creval to represent a very successful case in the Italian banking scene.