The board of BNP Paribas has unanimously approved the plan to acquire Italian banking group Banca Nazionale del Lavoro (BNL). According to a statement, the decision to ratify the agreements concerning the acquisition of 48% of BNL's capital was completed in less than an afternoon.
BNP Paribas said that 12 out of 13 of the selling parties, which hold a total of 46.6% of BNL’s capital, have ratified the agreements to date. The last board meeting, that of Nova Coop, is scheduled to meet on February 11, though few problems are expected.
Subject to regulatory approvals, BNP Paribas will launch a public offer to acquire the entire capital of BNL.