Credit Agricole Italia Launches the Takeover bid on 17.2% Friuladria to Rise to 100%
Credit Agricole Italia has launched a voluntary takeover bid on 17.2% of the capital of Credit Agricole Friuladria not yet in its possession, with the aim of rising to 100%, revoking the listing on Hi-Mtf and integrating the institution within the end of 2022. The price offered is 40 euros per share, of which 35 immediately and the other 5 after three years on condition that “the bidder maintains certain requirements”.
The overall price “incorporates a premium of 37.9% with respect to the last market price of the share”, while “the immediate component alone incorporates a premium of 20.7% with respect to the last market price of the share”.
Credit Agricole Italia will invest a maximum total amount of 166 million. Among the minority shareholders of Friuladria there are some foundations and small partners that date back to the old shareholder base of the popular bank. Credit Agricole Italia expects to “complete the offer by the third quarter of this year”.
The offer, explains a note, ‘is part of the single bank path initiated by the group with the previous banks acquired and provides for the subsequent integration of Friuladria into Credit Agricole Italia by the second half of 2022’. According to Agricole, the operation was born ‘in line with the vocation of a bank close to the territory and as a signal of attention to customers who are also shareholders’ to’ guarantee Friuladria shareholders the possibility of monetizing at an affordable price your investment ‘. ‘
Credit Agricole Friuladria is an important part of our group, with an enviable local roots and a strong focus on the socio-economic fabric of the Northeast – commented the president of Credit Agricole Italia Ariberto Fassati -. The operation represents not only an opportunity for all shareholders to enhance the shares they own, but also a significant contribution to the sustainable growth of the group itself, creating added value for businesses, families and stakeholders’.
‘Belonging to a large international group, but with a deep-rooted territorial presence, such as Credit Agricole, has made us more solid, more innovative, closer to the customer – noted the CEO. Giampiero Maioli -. It is with this spirit that today we are launching an offer to the shareholders of Ca Friuladria, who will have the opportunity to enhance their shares with a considerable premium, thanks to a substantial investment by Credit Agricole Italia. We do it because we strongly believe in the Northeast and its potential, with the aim of continuing along the path of sustainable growth at the service of the country ‘.