- 3 min
Paris - Trieste, 25 June 2009
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.
The new agreement is for a period of three years and takes effect from today.
The new agreement 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. To take account of the position of the Italian antitrust authorities, the new agreement between Crédit Agricole S.A. and Assicurazioni Generali includes the following:
- some areas relating to competition issues between Intesa and Crédit Agricole S.A. and Assicurazioni Generali respectively are excluded from the consultation provided for by the agreement;
- a joint list will no longer be presented to the Supervisory Board, nor will there be a consultation prior to the appointment of a member of the Management Board.
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.