Agricole credit raises Banco BPM to 20.1 % with derivatives

MILAN (Reuters) -French Bank Credit Agricole Has Acquire A Further 0.3% of Banco BPM via Derivatives, Raising Its Stake in Italy’s Third -Biggest Bank to 20.1%, a regalatory filing Showed on Monday.

The increase in the share comes after the unicredit in Italy last month brought the BPM acquisition after continuing the government opposition and its failure to persuade Agricole credit to submit its share in BPM under the offer.

Credit Agricole, a long -term business partner of BPM, has emerged as the largest single shareholder in early 2022, after a acquisition plan that was thwarted earlier in Unicredit.

Credit Agricole doubled its share in December after the Unicredit BPM width. The CEO of Unicredit Anda Orcel, a veteran investment banker, said he could not tolerate the bank to marginalize in a round of monotheism that sweeps Italian banking services.

Echo comments made when she first said she would raise her share of more than 20 %.

The threshold in the BPM case is 25 %, and the knowledge of the issue was told Reuters last week that Credit Agricole planned to reach a little less than 25 %.

Agricole also said he will not request changes to BPM board.

After securing the European Central Bank’s mandate to cross the property threshold by 10 % in BPM, which allowed it to increase its initial share, Credit Agricole is now awaiting the approval of the European Central Bank at an increase of 20 %.

Then it will be able to convert the derivative contracts into shares.

She said that she then intends to reserve the BPM stake according to an accounting method for important shareholders, which allow investors to benefit more closely than the company they invested.

(Participated in the reports of Valentina Zaeding by Mark Potter)