Credit Agricole breaks the delay and proposes a marriage to Banco Bpm which tears up the stock market and closes up 10% at the end of the day. A 'friendly' marriage between Piazza Meda and Credit Agricole Italia without going through a mandatory takeover bid.
For the shareholders of the Banco which would constitute the fulcrum of the post-merger company and which would remain listed on the Milan Stock Exchange, the proposal provides for an exchange ratio that reflects a 20% premium in addition to the payment of an extraordinary dividend of 1 billion. The expected synergies are estimated at 800 million euros per year. Furthermore, the potential transaction would lead to an estimated increase of approximately 24% in Banco Bpm's earnings per share in 2027, thanks to the premium offered and significant synergies.
Banque Verte would increase its stake from the current 29.6% to approximately 45% of the capital of the new group for an operation that could be completed in the second half of 2027. The proposal which was submitted for evaluation by the board of directors of Banco Bpm and on which the government, Bank of Italy, Consob and all the competent authorities were pre-informed, represents the natural evolution of the long-term partnership between the two institutions and of the mutual knowledge developed between the two groups.
A strategic project that would give life to the third largest Italian banking group, with the ability to serve 6.5 million customers through a network of over 2,300 branches "combining a strong presence in the area, financial solidity and consolidated experience in the sector", underlines Agricole. In the operation, according to the Piazza Meda institute which will meet the Board of Directors on November 12th for an initial information on the letter, the transfer to the new entity of the controlling interests in the Italian insurance activities, life and non-life, of the Crédit Agricole group is also envisaged.
The plan is based, according to the indications received from the French, on a long-term industrial and entrepreneurial vision. It aims, in fact, to unite two groups deeply rooted in Italy to create a new national champion, start a new phase of development and broaden their growth prospects. The project, in essence, aims to preserve the identity and operational autonomy of the new group, with a balanced corporate governance structure. The board of directors would continue to be composed of a majority of independent directors.
And then, the current CEO of Banco Bpm, Giuseppe Castagna, would be confirmed at the helm of the new reality. In detail, the potential operation would be conditioned by the approval by the extraordinary meeting of Banco Bpm shareholders, with the majorities required to benefit from the 'whitewash', thus exempting Credit Agricole from the obligation to promote a mandatory takeover bid and the obtaining of the usual authorizations for this type of operation, including authorizations from the ECB as well as according to the Italian 'golden power' regulations.
The latter which, moreover, was among the causes that caused the attempted offer by Unicredit on Piazza Meda to stall in the summer of 2025. In presenting the operation, Credit Agricole highlights the opportunities for customers, employees and local communities. According to the French institute, the new group, financially solid and close to the territory, would allow it to provide greater support to the real economy - in particular to small and medium-sized enterprises and medium-sized companies - and to increase its investments in support of local communities.
Customers would access complementary skills, products and services in the banking, insurance, asset management and specialized financial services sectors, while new career and growth opportunities would open up for employees. The size, diversification of business lines and visibility of the new reality would also represent fundamental factors for attracting and retaining talent.
