PARIS (dpa-AFX) - Crédit Agricole Italia S.p.A., a 75.6%-owned subsidiary of Crédit Agricole S.A. (CRARF, CDA.L, ACA), said that it has launched a voluntary public tender offer to buy Credito Valtellinese S.p.A. for 10.50 euros per share in cash.
The tender offer represents a 53.9% premium to Credito Valtellinese's 6 month VWAP and a 21.4% premium to Credito Valtellinese latest official price calculated as of November 20, 2020.
The offer corresponds to a total investment of 737 million euros by Credit Agricole Italia to acquire 100% of Credito Valtellinese's shares.
Crédit Agricole Italia has already received a commitment letter from Algebris, for the sale to Crédit Agricole Italia of a stake in Credito Valtellinese equal to 5.4% of the share capital.
Crédit Agricole Assurances, a subsidiary of Crédit Agricole, will sell to Crédit Agricole Italia its stake in Credito Valtellinese, equal to 9.8% of the share capital.
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