Investing.com -- 法国农业信贷银行提议将其意大利子公司并入意大利米兰证券交易所上市银行 Banco BPM，此举将使其在该行的持股比例从 29.6% 提升至约 45%，且无需发起强制要约收购；同时向 Banco BPM 股东提供 20% 的估值溢价和 10 亿欧元特别股息。
Investing.com -- Crédit Agricole proposed merging its Italian unit into Banco BPM, a deal that would lift its stake in the Milan-listed lender to about 45% from 29.6% without a mandatory takeover offer, and offered Banco BPM shareholders a 20% valuation premium and a €1 billion special dividend.
法国农业信贷银行将该提议描述为友好性质，并已提交 Banco BPM 董事会评估。提议寻就 Banco BPM 与法国农业信贷意大利分行的合并事宜展开磋商，具体法律架构将由各方共同确定。
The proposal, which Crédit Agricole described as friendly, was submitted to Banco BPM’s board for evaluation. It seeks talks on a merger between Banco BPM and Crédit Agricole Italia, with the legal structure to be defined among the parties.
法国农业信贷银行表示，20% 的溢价反映了基于预计 2027 年市盈率对其拟注入业务估值时，对 Banco BPM 所赋予的价值。
Crédit Agricole said the 20% premium reflects the value placed on Banco BPM relative to the estimated 2027 price-to-earnings multiple used to value the businesses Crédit Agricole would contribute.
这 10 亿欧元股息将在兑换比率之外，额外支付给 Banco BPM 现有股东。
The €1 billion dividend would be paid to Banco BPM’s current shareholders in addition to the exchange ratio.
该交易需经 Banco BPM 临时股东大会批准，且须达到所谓“豁免程序”所要求的多数派通过，方可豁免法国农业信贷银行发起强制要约收购的义务。合并方案需获得出席会议股份的至少三分之二赞成。
The deal would need approval from Banco BPM’s extraordinary shareholder meeting by the majority required for the so-called "whitewash" procedure, which would exempt Crédit Agricole from having to launch a mandatory tender offer. A merger needs the backing of at least two-thirds of the capital represented at the meeting.
该豁免还取决于除法国农业信贷银行及任何持有相对多数且持股超 10% 的股东或股东集团外，出席股东中不出现反对多数票。法国农业信贷银行表示，交易有望于 2027 年下半年完成。
The exemption also depends on no dissenting vote from a majority of the shareholders present, other than Crédit Agricole and any shareholder or group holding a relative majority above 10%. Crédit Agricole said the deal could be completed in the second half of 2027.
法国农业信贷银行估计，得益于提供的溢价及协同效应，该交易将使 Banco BPM 2027 年每股收益提升约 24%。
Crédit Agricole estimated the deal would raise Banco BPM’s earnings per share by about 24% in 2027, citing the premium offered and synergies.
该行预计年协同效应达 8 亿欧元，并称上述 24% 的测算基于税前、稳态运行下的协同效应。
It put the expected synergies at €800 million a year, and said the 24% estimate is based on those pre-tax, run-rate synergies.
法国农业信贷银行称，合并后的公司将成为意大利第三大银行集团，通过逾 2300 家分行服务 650 万客户。新集团将以 Banco BPM 为核心构建，并继续在米兰上市。
Crédit Agricole said the combined company would be Italy’s third-largest banking group, serving 6.5 million customers through more than 2,300 branches. It would be built around Banco BPM and remain listed in Milan.
Banco BPM 现任首席执行官将获确认继续担任 CEO，董事会将继续保持独立成员占多数。交易还将包含法国农业信贷银行在意大利的寿险与非寿险业务。
Banco BPM’s current chief executive would be confirmed as CEO, and the board would continue to have a majority of independent members. It would also include Crédit Agricole’s Italian life and non-life insurance businesses.