Bid battle looms for French bank
Bid battle looms for French bank
A BID BATTLE is looming for Credit Commercial de France, France's fifth- largest bank. ING, the Dutch financial services giant, was close to securing agreement for a foreign bank's first foothold in France.
However, ING has been outbid by Fortis, the Dutch/Belgian banking group, for the 7.8 per cent stake in CCF put up for sale by Mutuelles Le Mans. It is offering 112.5 euros a share, valuing the bank at 8 billion euros (pounds 5.3bn). ING already has 9 per cent of CCF voting shares.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies