A cash takeover offer announced by the Italian arm of Credit Agricole for rival Creval is “fair” and there would be no reason to change it, reported Reuters.
France’s Credit Agricole this month offered €10.50 (US$12.57) a share to buy the third-tier Italian lender, for an overall investment of €737 million (US$881.38 million).
Creval has stated the offer was “unexpected and not previously agreed” and sources have said it will fight it to get a better price.
Giampiero Maioli told Il Corriere della Sera’s L’Economia that Credit Agricole’s bid fully takes into account Creval’s turnaround and offers one the highest premiums in the industry.
“It’s a fair offer, why should we change it?” Maioli said when asked if there could be room to raise the price.
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