France's second-biggest bank Credit
Agricole has upped its stake in Banco BPM by 5.2% to 15.1% and
plans to raise it to 19.99% after an all-share hostile takeover
bid for Italy's third-biggest bank by the second-biggest,
UniCredit.
The 'banque verte', second in France to BNP Paribas, does not
plan to stage a takeover for Banco BPM, it said.
Banco BPM has rejected the bid by UniCredit, second in Italy to
Intesa Sanpaolo, saying it does not recognise its potential.
Credit Agricole, Banco BPM and UniCredit have already got other
cross shareholdings.
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