Credem, Cariparma make binding offer for all 198 Intesa branches on sale UPDATE |
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Published
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Wed, 29 Aug 2007 16:44
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(Updating with background on Intesa branches sale)MILAN (Thomson Financial) - Credito Emiliano SpA and Cassa di Risparmio di Parma e Piacenza SpA said they have made a joint binding offer for all 198 bank branches that Intesa Sanpaolo SpA must sell for antitrust reasons.Under the offer, which will remain valid for 60 days, Credem will buy 116 of the branches for sale while Cariparma, which is controlled by Credit Agricole SA, will buy 82.Today was the deadline for binding bids from parties interested in all or part of the Intesa Sanpaolo branches on sale.A newspaper report Wednesday said Intesa Sanpaolo's branches have attracted a total of 11 bidders.Previous media reports said Banca Monte dei Paschi di Siena SpA is in pole position to win the bid for the 198 branches which are valued at close to 1.5 bln eur.stephen.jewkes@thomson.comsj/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Credem, Cariparma make binding offer for all 198 Intesa branches on sale 