PARIS (S&P Global Ratings) Nov. 24, 2020--S&P Global Ratings today said that Crédit Agricole Italia S.p.A.'s (CAI's) cash tender offer for Italian mid-size bank Credito Valtellinese (CreVal) could reinforce Crédit Agricole group's (GCA's) market position and scale in Italy, its second-home market. The transaction would not affect our view of GCA'S credit risk profile or capitalization. We note that this acquisition is subject to CAI, a 75.6%-owned subsidiary of Crédit Agricole S.A., receiving at least a 66.7% of CreVal's voting share capital. However, CAI can waive this condition provided it obtains the majority. In addition, the transaction can only be executed if antitrust authorities give their authorization, and if CreVal undertakes no defensive measures. The offer, which is also for
