(Alliance News) – Crédit Agricole has received approval from the European Central Bank to exceed a 19.8% stake in Banco BPM, leveraging derivatives on an additional 0.3% that will bring its holding to 20.1%.
As reported by Corriere della Sera on Tuesday, the French bank has reiterated that it does not intend to acquire control nor to surpass the threshold that would trigger a mandatory takeover bid. The increase could occur in two stages, first up to 24.9% and then to 29.9%, coinciding with the enforcement of the new limit set by the TUF.
According to ANSA, Frankfurt has recommended that board representation be proportional to its minority shareholder status – 4 to 5 directors out of 15 – to prevent decision-making deadlocks in the event of conflicts of interest.
The ECB’s approval follows the submission of a draft amendment to the company bylaws, which provides for up to five directors for the minority list. The ECB’s final judgment is now awaited, followed by an extraordinary shareholders’ meeting to ratify the changes.
Antitrust scrutiny remains: with a stake close to 29%, Crédit Agricole could be considered a controlling shareholder, particularly due to operational overlaps with Banco BPM.
Meanwhile, the Financial Times revisits the ongoing consolidation in Italian finance and the potential strengthening of Caltagirone’s position in Generali, highlighting risks to share value.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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