PARIS, Dec. 16 (UPI) -- French financial group Credit Agricole has offered $20 billion (19.53 billion euros) to boost its holdings in French bank Credit Lyonnais, the Conseil des Marches Financiers reported Monday.
The takeover deal has led Agricole to become one of Europe's 10 biggest banks.
Two-thirds of the Credit Agricole offer will be in cash, while one-third will be in shares of Credit Agricole. The French financial regulator said Agricole will offer five of its own shares in addition to $151.77 (148.24 euros) in cash for every four Lyonnais shares. Credit Lyonnais, meanwhile, is valued at $19.05 billion (19.5 billion euros).
Credit Agricole had already held 17.79 percent of Credit Lyonnais shares, but BNP Paribas had acquired 16.3 percent of Lyonnais shares last month. Through the latest deal, Agricole will be able to keep ahead of BNP in remaining the single largest shareholder.
The Conseil reported that Credit Agricole is being advised by Morgan Stanley and Rothschild, while Goldman Sachs and JP Morgan are advising Credit Lyonnais.
