With the last green light expected, that of Consob, the takeover bid by Agricole Italia on Credito Valtellinese, announced on 23 November last, can start. In the evening, the approval of the prospectus by the authority led by Paolo Savona arrived: the first day to deliver the shares will be March 30, but the shareholders of the former popular will have until April 21 inclusive (except for extensions). € 10.5 per share confirmed (payable on April 26), that is to say 1.5 euros less than yesterday’s closing price: on the market, obviously, there are those who are still expecting a price adjustment, despite the French bank which in Italy is led by Giampiero Maioli has repeatedly ruled out the intention of introducing it.
The last in order of time to confirm that everything is going according to plan was, last week, the CFO of the Banque Verte, Jerome Grivet. Speaking at Morgan Stanley’s European Financials Conference, he called the process “perfectly in line” with expectations. After all, on Wednesday the bank across the Alps had unmarked a non-trivial point, namely the authorizations of the European Central Bank and the Bank of Italy to take a qualified stake. In detail, Credit Agricole Italia – which is assisted by Equita, JpMorgan and BonelliErede – had in fact announced the go-ahead for Frankfurt and Via Nazionale upon exceeding the 10% threshold in the CreVal capital (up to 20%) and the purchase of a direct controlling interest. A formality, of course, but in fact a further “blessing” to an operation that responds to those calls for the consolidation of the sector that the ECB has been preaching for some time. And also Wednesday the agreement with Algebris arrived, which undertakes to sell its 5.38% stake even if the operation fails, blocking the presence of the French in the capital of the bank they want to buy (and with which they have agreements of bancassurance) beyond the outcomes of the takeover bid.
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Approved the prospectus, the Creval board will examine the offer in detail and will express itself in the next few days based on the assessments of the advisors Mediobanca, BofA Securities, Intermonte and Cappelli Rccd. Discounted the (negative) assessments by the Board of the French proposal – which enhances the share of the Valtellinese bank 10.5 euro cash -, also in light of the market trend and the recent statements of some of the main shareholders, from Alta Global , Hosking Partners, Petrus Advisers and Kairos, who made it known, albeit in different ways and at different times, that they did not evaluate the appropriate price.
Meanwhile, asset management companies and institutional investors have filed the minority list for the renewal of the board in view of the shareholders’ meeting on April 19th. The managers who presented the list own approximately 3.30% of the company’s ordinary shares. The list consists of four names: Anna Doro, Serena Gatteschi, Stefano Gatti, Raul Mattaboni.