Two suitors are competing for one of Italy’s biggest managers of bad loans, a battle many think will set the tone for a flurry of similar deals through 2020.
Credito Fondiario SpA, controlled by Elliott Management Corp., is proposing to merge itself into the Cerved Credit Management and list the combined entity within two years, according to people familiar with the matter. At the same time, Sweden’s Intrum AB is making a cash offer to buy Cerved, the people said, asking not to be named because the information isn’t public.
