By Pietro Lombardi 
 

Credit Agricole SA said late on Wednesday that it has crossed the 95% threshold in Credito Valtellinese SCARL and that it will reach 100% ownership of the Italian bank's share capital via a squeeze-out procedure.

The French bank will thus get the full control of CreVal shares for a total amount of 861 million euros ($1.05 billion).

Credit Agricole plans to merge Credito Valtellinese with its Italian business Credit Agricole Italia next year.

 

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

 

(END) Dow Jones Newswires

May 20, 2021 01:40 ET (05:40 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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