[ad_1]
at Crédit Agricole Assurances, through its Italian subsidiary Cr The closing of the trans action is scheduled for the end of the year and is subject to the authorization of the supervisory authorities
At the same time, the parties agreed to badess, in the medium term, the possibility of 39, extend the partnership to other areas. business. In this situation, Groupe Casa could consider increasing its stake in Creval by 9.9% but, to date, it has been specified that Crédit Agricole Assurances and Crédit Agricole Group does not intend to increase participation beyond this threshold.
As part of the transaction, Crédit Agricole Assurance will acquire 100% of the capital of Global Assicurazioni. Prior to the closing of this transaction, the current shareholder structure of Global Assicurazioni will be reorganized by the current shareholders (Creval and Rifin) so that it will be wholly owned by Creval and will include exclusively the 39 activity related to the life insurance policy distributed on the Lombard banking network
The total consideration paid by Crédit Agricole for the acquisition of GA will amount to 80 million euros. 39, euros, of which 70 million paid at closing and 10 million deferred, payable at the end of the fifth year, subject to the achievement of previously agreed objectives. The transaction will have a negative impact on the Crédit Agricole Cet1 ratio of less than 2 basis points and will result in a reduction in the Crédit Agricole Solvency 2 ratio Insurance by less than 1 percentage point. If the complete reorganization of the bancbadurance business, also taking into account the effects of the agreement signed with Ri-Fin Insurance Group, will result in an improvement of about 35 basis points of the CET1 ratio of Creval
"We welcome the agreement as it allows Creval to develop into a low capital absorption business and in turn expects the entry of a major shareholder in the capital of the bank, "commented badysts Banca Imi (note hold" D one side, the agreement entered in the business plan with a capital increase of 35 / 40 million euros, on 60 million euros increase of Cet1 with sales, "said badysts at Mediobanca Securities.On the other hand," the price does not seem compelling because it values 8 times the price / earnings of an badet that has generated 100% of Roe and a payment over the past 3 years with a 15-year deal. "
says the bank's business experts, the sale will result in a limited erosion of earnings per share. "In bancbadurance agreements, it is not uncommon for the insurer to own the bank, which means the market will probably continue to look beyond, we are confident that the Creval will begin to benefit from an M & A price added, we see the deal as positive, "conclude Mediobanca badysts who on Creval's action still maintain a neutral note with a target price of 0.11 euro.
The possibility of a further increase in the participation of Crédit Agricole potentially up to 9.9%, had already been anticipated yesterday and supported the course of action (+ 13 , 4%). "We think these rumors are credible for the moment, even though it remains to be seen what the French group will play in the expected consolidation of the Italian banking sector," said badysts Banca Akros, observing that the share price has returned to the level of the recent capital increase "and our rating remains suspended".
Source link
