Credit Agricole, the French bank linked to a possible takeover bid for Alliance & Leicester (A&L) has said it will not be making an offer for the UK lender.
Last month Credit Agricole announced that it was assessing A&L, among others, as a potential acquisition opportunity but that its evaluation was at a preliminary stage. Since then, the bank says it has undertaken further analysis of A&L and the returns it could generate from an offer for lender. In an update to the stock exchange this morning the French bank says following a more thorough analysis it has decided not to proceed with an offer for A&L. But Credit Agricole has reserved the right, under Rule 2.8 of The City Code on Takeovers and Mergers, to make or participate in an offer ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
