Credit Agricole SA (CAGR.PA) CEO Olivier Gavalda said on Friday it was "very difficult" to see how a potential tie-up between Italy's Monte dei Paschi di Siena (BMPS.MI) and Banco BPM (BAMI.MI) could create value for Banco BPM shareholders.
Credit Agricole, Banco BPM's largest shareholder with a 29.3% stake, has not been approached about any project involving MPS and Banco BPM and is not aware of any concrete proposal, Gavalda told analysts on a call, reiterating past comments.
"At this stage, it is very difficult to see how a combination between MPS and Banco BPM can be value-accretive for Banco BPM shareholders," Gavalda said.
He added that Credit Agricole, which has four seats on Banco BPM's board, would assess any proposal based on its strategic merits, execution risks and ability to create long-term value.
