Credit Agricole Raises BPM Stake Amid UniCredit Takeover Bid
- UniCredit last month launched offer to buy Banco BPM
- Credit Agricole has a complicated web of links with the firms
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Credit Agricole SA has raised its stake in Banco BPM SpA to 15.1%, as the Italian lender faces a takeover bid from UniCredit SpA.
The French bank bought financial instruments that would secure a 5.2% stake, and could physically settle those trades once approval is granted, it said Friday in a statement. Credit Agricole, which already owned a 9.9% stake, said it doesn’t intend to launch a tender offer for Banco BPM shares.