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Credit Agricole's Italian takeover target Creval says will consider all options


By Reuters Staff
2 Min Read
FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Vertou near Nantes, France, February 11, 2019. REUTERS/Stephane Mahe
MILAN (Reuters) - The board of Credito Valtellinese (Creval) said on Thursday it would seek to create value for its shareholders by looking at all strategic options, as it prepares to give an opinion on the takeover bid launched by Credit Agricole.
The Italian division of France’s Credit Agricole in November offered 10.50 euro a share to buy the third-tier Italian lender for an overall investment of 737 million euros ($895 million).
Referring to comments made by its advisers on the offer, Creval listed an additional tax benefit of around 350 million euros that Credit Agricole Italy would reap as a result of a potential merger with the Italian bank that only materialised after the offer was announced.

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