Nova Sources: Government not concerned about Crédit Agricole's takeover of Generali

The rumor published yesterday on the Financial Times website, claiming the government opposes the merger between Banco BPM and Monte dei Paschi di Siena, is untrue. This is what a government source familiar with the matter told Nova. According to the British newspaper, the government has “some reservations” about the operation launched by the Milanese bank, “because BPM’s largest shareholder is the French Crédit Agricole.” If the merger between Milan and Siena were to materialize, the newspaper added, “the French group would end up with indirect control of Mediobanca’s 13% stake in Generali”: “A position Giorgia Meloni’s government does not view favorably.”

In reality, as the source explained to “Nova,” this interpretation is incorrect, and the Italian government’s position is not accurately represented. Crédit Agricole currently owns 20,1 percent of Banco BPM’s shares, but “if the merger between the two banks were to go through, its stake would be diluted to 7 percent,” the source specified, and therefore it would have no way of controlling, even indirectly, Generali’s 13 percent stake. Conversely, if the merger between BPM and MPS were not to materialize, the source added, “the French would certainly take control of BPM, as they have already been authorized by the European Central Bank to increase their stake to 29 percent.”

Nova Sources: Government not concerned about Crédit Agricole’s takeover of Generali

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