MILANO – The French of Credit Agricole enter Banco Bpm with a stake of more than 9% and the stock of the former popular Milan-Verona axis splashes to Piazza Affari: initially it fails to make a price, then – when it enters into negotiations – it marks a double-digit percentage gain.
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Bpm explores the French track, the plan to bring Agricole closer
by Giovanni Pons
Yesterday evening, Credit Agricole announced that it had acquired a 9.18% stake in the bank’s capital and thus rekindled the market speculation on the risk of Italian banks. “This transaction testifies to the strong appreciation of Crédit Agricole for the intrinsic qualities of Banco BPM: a solid company, with a positive outlook on the financial level and a strong management team and with a proven track-record”, explained a note. “The transaction consolidates the strategic and long-term relationship of the Group with Banco BPM, consisting primarily of the partnership in consumer credit through the joint venture Agos (which sees the French at 61%, ed). Crédit Agricole, in particular, intends to expand the scope of the strategic partnership with Banco BPM. “For now, the French declare that they do not want to go further:” Crédit Agricole has not presented an application to obtain authorization to exceed the 10% threshold in the share capital of Banco BPM “, they stated.
From the institute led by Giuseppe Castagna they made it known that they had not previously agreed on the purchase of the stake by the French. “The quality and importance of the investor, as well as the appreciation expressed by the same for our bank in the note issued this evening, represent a clear recognition of the value and potential of Banco Bpm”, he remarked yesterday evening.
Banco Bpm had been repeatedly compared to other institutions as a pivot around which to build the third banking center (perhaps with Bper and the direction of Unipol), but in recent times it had also emerged in the news (never confirmed or denied) the interest on the part of Unicredit, which would have gladly aimed at the rich slice of economy served by the Castagna group. As for the next steps of Credit Agricole, which just a year ago conducted its takeover bid on the Creval where it had entered with an initial share of 5%, this is the question facing the market.