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Crédit Agricole S.A. and Assicurazioni Generali S.p.A. have reached an agreement regarding their respective holdings in Intesa Sanpaolo S.p.A.
Under the terms of the three-year agreement, which corresponds to 10.89% of Intesa Sanpaolo's ordinary share capital (of which 5.82% is held by Crédit Agricole S.A. and 5.07% by Generali Group), the two companies will coordinate the exercise of certain corporate rights stemming from these shareholdings, and will consult each other prior to making any related decision, with a view to better contribute to the value growth of the Company. More specifically, Crédit Agricole S.A. and Assicurazioni Generali will agree to:
- consult one another in advance of Intesa Sanpaolo's General Meeting Supervisory Board, and/or Management Board meetings in order to agree a common stance on items on the agenda of that are of strategic interest to one or both parties;
- submit a joint list of candidates for the election of Intesa Sanpaolo's next Supervisory Board, which will be agreed on a proportional basis in accordance with its articles of association;
- consult one another regarding the possibility of nominating candidates for Intesa Sanpaolo's Board of Directors.
The agreement will not limit the parties' right to sell, or otherwise transfer Intesa Sanpaolo shares.
Crédit Agricole Crédit Agricole is France's No. 1 banking organisation with 28% of households and is present across the entire spectrum of banking and finance activities. It serves 58 million individual customers in the world and develops a network of 11,850 branches in more than 20 countries. Crédit Agricole is the largest retail bank in Europe in terms of income from retail banking. It is leader in France, ranks third in Europe and seventh worldwide in terms of Tier 1 capital. The Group is present in 70 countries and has more than 160,000 employees worldwide.
Generali Group The Generali Group is one of the leading European insurers with a premium income of € 69 billion and is market leader in Italy. Assicurazioni Generali, founded in 1831 and listed on the Italian Stock Exchange is the Parent and principal operating company of the Group that operates in 64 countries with more than 84,000 employees and more than 60 million clients worldwide.