Credito Valtellinese SpA said its board of directors and the extraordinary shareholders' meeting of 98.55%-owned unit Credito Siciliano SpA approved the latter's merger by incorporation into the Italian bank.
Creval had earlier set the effective exchange ratio for the incorporation at 78.35 new Creval shares per Credito Siciliano share from an original exchange ratio of 2 new Creval shares for every 1 Credito Siciliano share. Creval noted that Credito Siciliano shareholders other than itself have the right to sell their shares for €19.68 apiece.
