France-based banking group Crédit Agricole S.A. and Assicurazioni Generali S.p.A. have announced the implementation of a new agreement concerning Intesa Sanpaolo S.p.A., replacing the pact announced on 24 April 2009.
It has been reported that the parties believe that the new agreement does not constitute a shareholders’ pact within the sense of Article 122 of the Italian Securities Act. However, with the aim of a complete transparency, they will publish the new agreement in accordance with the same terms and conditions as those provided for by the Securities Act for shareholders’ pacts.
The new agreement is for a period of three years and takes effect from June 25, 2009. It provides for a preliminary consultation process between Crédit Agricole S.A. and Assicurazioni Generali, with the sole aim of creating the maximum value from their stakes in Intesa San Paolo.
