Crédit Agricole Italia, an Italian subsidiary of banking group Credit Agricole, offered to acquire Credito Valtellinese, an Italian bank based in Sondrio, for $1bn. Algebris, an asset management company, has already agreed to divest its 5.4% stake. “With this transaction, Credito Valtellinese’s customers and employees will gain access to the same first-class financial products and services as Crédit Agricole Italia, benefitting from Crédit Agricole Group’s scale, strength, innovative and client-centric culture, and the combined group will continue its strong commitment to supporting Italy and the local communities," Giampiero Maioli, Crédit Agricole Italy CEO. On April 12, 2021, Denis Dumont, the second-largest shareholder owning 6.15% stake in Creval, rejected the offer claiming it is inadequate. Other investors including Melqart Asset Management, Alta Global, Hosking Partners and Petrus Advisers rejected the offer. On April 15, 2021, Credit Agricole raised its bid for Credito Valtellinese by about $144m, indicating that the French bank is determined to win over investors.