Credit Agricole to Launch Squeeze-Out for Remaining Credito Valtellinese Shares

By Pietro Lombardi

Credit Agricole SA said late on Wednesday that it has crossed the 95% threshold in Credito Valtellinese SCARL and that it will reach 100% ownership of the Italian bank's share capital via a squeeze-out procedure.

The French bank will thus get the full control of CreVal shares for a total amount of 861 million euros ($1.05 billion).

Credit Agricole plans to merge Credito Valtellinese with its Italian business Credit Agricole Italia next year.

Write to Pietro Lombardi at [e-mail]; @pietrolombard10

(END) Dow Jones Newswires

05-20-21 0140ET