By Cecilia Butini
Credit Agricole SA said Monday that its Italian subsidiary Credit Agricole Italia SpA has launched a voluntary public cash tender offer to acquire all ordinary shares of Italian bank Credito Valtellinese SpA.
The offer was placed at 10.50 euros ($12.45) per share, corresponding to a total investment of EUR737 million from Credit Agricole Italia for 100% of Credito Valtellinese shares, the bank said.
The acquisition is expected to generate a return on investment for Credit Agricole Italia's shareholders of more than 10% by the third year, Credit Agricole said. The deal would make Credit Agricole Italia SpA the sixth largest retail bank in Italy.
The offer is subject to Credit Agricole Italia achieving at least 66.7% of Credito Valtellinese's voting share capital or 50% of voting capital plus one share, and is conditional on antitrust approval, it said.
Write to Cecilia Butini at firstname.lastname@example.org
(END) Dow Jones Newswires