Crédit Agricole Italia crosses 95% threshold in Credito Valtellinese
Crédit Agricole Italia has surpassed the 95% ownership threshold in Credito Valtellinese. Full control is expected following squeeze-out procedures, facilitating a planned merger.
Crédit Agricole Italia announced it has crossed the 95% threshold of share capital in Credito Valtellinese (CreVal). This milestone ensures full ownership of CreVal through subsequent squeeze-out procedures.
The initial voluntary public tender offer, launched on April 23, 2021, resulted in Crédit Agricole Italia holding 91.17% of CreVal's share capital. The bank has now exceeded the 95% mark, triggering the mandatory sell-out procedure followed by a squeeze-out, which will result in Crédit Agricole Italia owning 100% of CreVal.
The total consideration for acquiring full ownership is €861 million. Final results of the sell-out procedure and details regarding the squeeze-out will be communicated in separate press releases. The sell-out period concludes on May 21, 2021, with settlement on May 28, 2021.
This complete integration is expected to facilitate the planned merger between Crédit Agricole Italia and CreVal, which is scheduled for 2022. The acquisition consolidates Crédit Agricole's presence in the Italian banking sector.