Crédit Agricole Proposes Merging Its Italian Subsidiary With Banco BPM on November 9; Would Hold About 45% of the Combined Bank
Crédit Agricole said on November 9 that it had proposed merging its Italian subsidiary with Banco BPM, Reuters reported. The deal would give the French bank, which already holds 29.6% of Banco BPM, roughly 45% ownership of the new entity.
Crédit Agricole, which called the proposal "friendly," added that BPM CEO Giuseppe Castagna would lead the merged group. The deal includes an exchange ratio reflecting a 20% valuation premium and a €1 billion ($1.1 billion) extraordinary dividend for the Italian bank's existing shareholders, the French bank said.
Shares in Banco BPM were up by more than 10% as of 1115 GMT on November 9, while Crédit Agricole's stock was flat.
Source: Reuters Breakingviews, November 9, 2026, citing Crédit Agricole's statement of November 9.
来源链接： https://www.reuters.com/commentary/breakingviews/italy-reaps-awkward-payoff-bank-meddling-2026-11-09/
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Source: Reuters
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