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Credit Agricole Italy Will Not Edit Its Bid For Creval

By  |  November 30, 2020

A cash takeover offer announced by the Italian arm of Credit Agricole for rival Creval is “fair” and there would be no reason to change it, reported Reuters.

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    France’s Credit Agricole this month offered €10.50 (US$12.57) a share to buy the third-tier Italian lender, for an overall investment of €737 million (US$881.38 million).

    Creval has stated the offer was “unexpected and not previously agreed” and sources have said it will fight it to get a better price.

    Giampiero Maioli told Il Corriere della Sera’s L’Economia that Credit Agricole’s bid fully takes into account Creval’s turnaround and offers one the highest premiums in the industry.

    “It’s a fair offer, why should we change it?” Maioli said when asked if there could be room to raise the price.

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