The Board of BNP Paribas approved plan to acquire Italian lender, Banca Nazionale del Lavoro, and ratified the agreements concerning the acquisition of 48% of its capital, which will amount to 1,467.6 million shares.
BNP Paribas caused quite a stir when it announced its intentions to acquire the Italian bank on February 4.
The cash offer for Italy’s sixth biggest lender valued the group at about EUR 9 billion ($10.8 billion) and would represent one of the biggest mergers ever seen in the European banking sector.
Following the purchase of the shares, BNP Paribas would launch a public offer for all remaining shares of BNL of any class, in accordance with applicable laws and regulations, at the same price of EUR 2.925 per share.