BNP Paribas Board Approves Acquisition Of Italian Lender BNL

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

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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.

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