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Bond Market News
Credit Agricole Raises Stake in Banco BPM to 20.1%
August 5, 2025
Crédit Agricole has indirectly increased its stake in Banco BPM to 20.1% through derivatives, according to a regulatory filing. This follows UniCredit’s failed takeover attempt of BPM takeover last month, which faced government resistance and Crédit Agricole’s refusal to tender its stake. Crédit Agricole is already BPM’s largest shareholder since 2022 and has reiterated that it does not intend to take control of BPM and will keep its stake below the 25% threshold, a level that would trigger a mandatory takeover bid. Additionally, it also will not seek changes to BPM’s board. The bank is awaiting the ECB’s approval to exceed the 20% threshold via a direct stake, after which it can convert derivative contracts into shares. Crédit Agricole plans to apply an accounting method for its BPM stake, enabling its significant shareholders to more closely benefit from the performance of the invested company.
Credit Agricole’s dollar bonds traded stable with its 6.7% Perp at 99.6, yielding 6.76%.
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