0823 GMT - Credit Agricole getting European Central Bank authorization to increase its stake in Banco BPM was expected and bolsters the French bank's negotiating position, Equita Sim analyst Andrea Lisi says. The move allows Credit Agricole to increase its stake to up to 19.9% of the Italian bank. The stake increase reinforces Credit Agricole's negotiating position with regard to Italian peer UniCredit, the analyst says in a research note. UniCredit, which is separately offering to buy BPM shares, will reasonably need to reach an agreement with Credit Agricole to increase the likelihood of a successful bid, the analyst says. Credit Agricole shares trade 1% lower at 16.85 euros and BPM shares are down 1.7% at 9.38 euros. UniCredit shares, meanwhile, trade down 1.65% at 51.80 euros. (pierre.bertrand@wsj.com)
(END) Dow Jones Newswires
April 02, 2025 04:23 ET (08:23 GMT)
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