Credit Agricole Rejects MPS Bid for Banco BPM
Credit Agricole views Monte dei Paschi's offer for Banco BPM as unattractive and unlikely to deliver shareholder value. The French bank prefers a merger between Banco BPM and its own Italian unit.
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CREDIT AGRICOLE SA views an acquisition proposal for BANCO BPM SPA by rival BANCA MONTE DEI PASCHI SIENA as unattractive and value-destructive. The French lender holds a 29.3% stake in its Italian target. Opposition from the top investor creates a major hurdle for the takeover plan.
