Credit-Agricole, Generali to terminate Intesa Sanpaolo deal.
Global Banking News - 03 February 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Switzerland's Credit Agricole SA (ACA.FR) (CAGR.PA) and Italy's Assicurazioni Generali SpA (G.MI) are planning to end the shareholder agreement through which they own 11 percent of the shares of Intesa Sanpaolo SpA (ISP.MI) (OTCBB: ISNPY), Italy's largest bank, Dow Jones has reported citing a separate report by Il Sole 24 Ore.
Italy's Antitrust Authority has required the break-up, giving the two companies time until February 22, 2010 to execute a deal. The ruling requires Credit Agricole to reduce its stake in Intesa Sanpaolo to below two percent from its current 5.8 percent stake, which will result in an accounting loss for the French bank.
Citing unidentified legal sources, the report said that Credit Agricole may obtain a kind of 'indirect compensation' from Intesa Sanpaolo in the form of an asset swap that will allow the French bank to expand in Italy.
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|Publication:||Global Banking News (GBN)|
|Date:||Feb 3, 2010|
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