Melqart Joins Investors Rejecting Agricole Bid on Creval
- Melqart is latest to say that Credit Agricole bid is too low
- Investors with at least 20% of Italian bank against the bid
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Credito Valtellinese SpA shareholders with at least 20% of the bank are rejecting a takeover bid from Credit Agricole SA, throwing doubt on the lender’s claims that it can win over investors without increasing its offer.
London-based hedge fund Melqart Asset Management -- which owns 4.8% of the bank -- is the latest to say it doesn’t plan to tender its shares when Credit Agricole’s bid opens next week, according to founder and Chief Investment Officer Michel Massoud. Alta Global, Hosking Partners and Petrus Advisers, which own about another 15% of the Italian lender, are also against the bid.