1025 GMT - Credit Agricole's move to increase its stake in Banco BPM strengthens its position at the negotiating table, Equita says in a research note. This comes as the Italian lender fends off an unsolicited approach from UniCredit. The French bank will be better able to defend its product partnerships and factories with BPM in consumer credit and nonlife bancassurance, analyst Andrea Lisi says. It is also helpful for the distribution contract with UniCredit via its asset manager Amundi and increases Credit Agricole's relevance in possible extraordinary meetings in a passivity rule context. "Credit Agricole has historically taken a collaborative and constructive approach with stakeholders and the government, and we believe it is important for the group to preserve this relationship," he writes. BPM rises 1.5%. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
December 09, 2024 05:25 ET (10:25 GMT)
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