CREDIT AGRICOLE SA: SUCCESS OF CREDIT AGRICOLE ITALIA’S VOLUNTARY PUBLIC TENDER OFFER FOR ALL SHARES OF CREDITO VALTELLINES...
23 Avril 2021 - 7:50PM
CREDIT AGRICOLE SA: SUCCESS OF CREDIT AGRICOLE ITALIA’S VOLUNTARY
PUBLIC TENDER OFFER FOR ALL SHARES OF CREDITO VALTELLINESE
23 April 2021
SUCCESS OF CREDIT AGRICOLE
ITALIA’S VOLUNTARY PUBLIC
TENDER OFFER FOR ALL SHARES
OF CREDITO VALTELLINESECRÉDIT
AGRICOLE ITALIA CONTROLS
91.17% OF THE
SHARE CAPITAL OF
CREVAL
Crédit Agricole Italia1 has published today the
provisional results of the cash voluntary public tender offer2 for
all ordinary shares of Credito Valtellinese S.p.A.3
Based on the provisional results communicated by
the appointed intermediaries, approximately 90.94% of CreVal Shares
subject to the Offer and representing approximately 88.71% of the
share capital of CreVal have been tendered in acceptance of the
Offer during the Acceptance Period. As a result, and taking into
account the 2.45% stake in CreVal already owned, Crédit Agricole
Italia will come to hold a total of approximately 91.17% of the
share capital of CreVal, which is above the 90% threshold
targeted.
The price paid by Crédit Agricole Italia is of
EUR 12.270 per Share, ex dividend. In addition, a dividend of EUR
0.230 per Share will be paid on 28 April 2021 by CreVal, leading to
a total consideration of EUR 12.500 per Share.
Crédit Agricole welcomes the fact that the large
majority of CreVal shareholders seized the opportunity represented
by the Offer, thus contributing to the creation of a solid Italian
banking group, serving 3 million customers, producing positive
effects on the local communities, and benefitting all
stakeholders.
The terms of this acquisition fully respect the
strict financial discipline criteria of Credit Agricole:
- Expected Return
on Investment above 10% by year 3, solely including cost and
funding synergies
- EPS accretion
at Crédit Agricole S.A. level from 2022
- Limited CET1
ratio impact of approximately -20 bps at Crédit Agricole S.A
level4
The final results of the Offer will be disclosed
through a specific press release pursuant to Article 41, paragraph
6, of the Issuers’ Regulation, which will be released by Crédit
Agricole Italia within the term provided by the applicable law.
1 Crédit Agricole Italia S.p.A., a 75.6%-owned subsidiary of
Crédit Agricole S.A.2 « The Offer »3
« CreVal »4 The final impact on CET1 will depend on the
purchase price allocation.
- 2021 04 23 (EN) CASA - CreVal
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