Crédit Agricole Italia controls 91.17% of Credito Valtellinese

Crédit Agricole Italia, the Italian subsidiary of French banking group Crédit Agricole, has announced the provisional results of its voluntary public tender offer for all ordinary shares of Credito Valtellinese S.p.A. (CreVal).

The offer, priced at EUR 12.270 per share excluding dividend, resulted in approximately 90.94% of CreVal shares being tendered. Combined with its existing 2.45% stake, Crédit Agricole Italia will now hold a total of 91.17% of CreVal's share capital, exceeding its 90% target.

The total consideration, including the dividend of EUR 0.230 per share payable on April 28, 2021, amounts to EUR 12.500 per share. Crédit Agricole stated that the offer's success indicates a positive contribution to the creation of a solid Italian banking group serving three million customers.

The acquisition is expected to yield a return on investment above 10% by year three, based on cost and funding synergies alone. It is also projected to be accretive to Crédit Agricole S.A.'s earnings per share from 2022 onwards, with a limited impact of approximately -20 basis points on the latter's Common Equity Tier 1 (CET1) ratio.