1039 GMT - Credit Agricole isn't likely to attempt a takeover of Banco BPM to counter UniCredit's approach, JP Morgan says in a research note. The French lender raised its stake in the Italian lender by 5.2% to 15.1% and said it doesn't intend to launch a tender offer. BPM's shares are close to the limit for Credit Agricole to get the right return on investment considering the negative implications a counterbid could have on the partnership between its asset manager Amundi and UniCredit, analysts write. The Italian government would also likely block the deal, they add. "The increase in stake is likely mainly to improve its position in M&A scenarios, to protect...its partnerships," they say. BPM shares rise 1.6% while UniCredit's shares fall 0.9% and Credit Agricole's shares are up 0.8%. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
December 09, 2024 05:39 ET (10:39 GMT)
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