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Bond Market News
Credit Agricole Increases Banco BPM Stake to 15.1%
December 9, 2024
Credit Agricole has effectively increased its stake in Banco BPM to 15.1%, securing an additional 5.2% stake. The French bank which already held 9.9%, stated it does not intend to make a tender offer for Banco BPM’s shares. This follows UniCredit’s surprise takeover bid for Banco BPM, which occurred shortly after Banco BPM made its own takeover attempt, acquiring a large stake in Banca Monte dei Paschi (BMPS) and proposing to buy Anima Holding. Credit Agricole is Banco BPM’s largest investor and a key partner in joint ventures for consumer credit and non-life insurance. Additionally, Credit Agricole has confirmed plans to apply for authorization to increase its stake in Banco BPM up to 19.99%. This aligns with its long-term investment strategy. Discussions are also ongoing between Credit Agricole and UniCredit regarding the takeover bid and potentially extending the sales arrangement for Credit Agricole’s asset management arm, Amundi.
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