BAMI Banco BPM SpA

   By Cristina Roca 
 

Shares in Banco BPM SpA jumped Friday after its much larger French peer Credit Agricole SA said it bought a 9.2% stake in the Italian bank.

At 0728 GMT, shares in Banco BPM were 12% higher at EUR3.07.

Credit Agricole said late Thursday that it would aim to expand strategic partnerships with Banco BPM after the stake acquisition, the financial details of which it didn't disclose. The two already collaborate on a consumer-finance joint venture called Agos.

The transaction is a vote of confidence for Banco BPM's business prospects and increases the speculative appeal of its shares, Equita Sim analysts said. "We believe that the probability of a business combination is high," they said, adding that Credit Agricole has a proven track record in mergers and acquisitions.

Credit Agricole said it hasn't applied to the authorities to cross the 10% threshold of Banco BPM's share capital.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

April 08, 2022 03:51 ET (07:51 GMT)

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