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Credit Agricole proposes merging Italian unit with Banco BPM
Credit Agricole said Monday it proposed talks to combine its Italian division with Banco BPM, with BPM's CEO as combined chief and the French lender's stake rising to about 45%, ANSA reported.
Credit Agricole said Monday it had proposed talks on a possible merger of its Italian division with Banco BPM, describing the approach as a friendly proposal1.
The French lender said Banco BPM chief executive Giuseppe Castagna would become CEO of a combined entity if a deal is completed1.
Credit Agricole, which holds a 29.6% stake in BPM, would own about 45% of the combined group under the proposal1.
ANSA reported Banco BPM shares rose more than 9% in early Monday trading after the announcement1.
In a statement carried by ANSA, Credit Agricole said the project would create Italy's third-largest banking group, with 6.5 million customers and more than 2,300 branches1.
"This proposal is based above all on a long-term industrial and entrepreneurial vision," the bank said, according to ANSA1.
ANSA said Monte dei Paschi di Siena CEO Luigi Lovaglio had floated a merger with BPM as a defense against a takeover bid by Intesa Sanpaolo, but MPS shareholders rejected that plan last month and the Intesa bid now looks set to proceed1.
A Reuters headline said Italian opposition parties blamed government missteps for the Credit Agricole move; the full Reuters article was not retrieved, and Banco BPM's response was not in the ANSA report1,2.
Sources
How it’s being reported
2 sourcesFirst reported by 
Reuters
Credit Agricole proposes merging its Italian division with Banco BPM
Deal terms, share-price jump and Credit Agricole's statement on creating Italy's third-largest bank
ANSA reports Credit Agricole proposed talks to merge its Italian division with Banco BPM, calling it friendly and saying BPM's CEO would lead a combined group.
Leaves out Opposition criticism of Prime Minister Meloni and government non-comment
ReutersFirstItalian opposition blames Meloni missteps for Credit Agricole move on Banco BPM
Gives this outlet’s account of the story.
Where they agree
- Credit Agricole proposed combining its Italian operations with Banco BPM on Monday.
- Credit Agricole already owns 29.6% of BPM and would hold about 45% of a combined group.
- The approach is framed as a proposed merger/talks, not a completed deal.
Where they differ
Whether the proposal reflects a government policy failure on Italian bank ownership