France's highest court on Friday removed the final regulatory hurdle to Credit Agricole SA's planned merger with Credit Lyonnais SA, a deal to create the country's largest retail bank.
Ending five months of wrangling on the deal, the Council of State confirmed approval of the 19.5 billion euro (US$22.5 billion) merger, but turned away conditions imposed by France's main banking regulator.
In its verdict, the court ruled that the regulator, CECEI, had the right to approve the merger, but had overstepped its bounds by imposing conditions on it.
Also Friday, France's stock market watchdog said Credit Agricole's 56-euro (US$64.59) per share offer to Credit Lyonnais shareholders will close May 26 -- three months later than the banks had intended.
A counterbid could still be made, but that now seems unlikely after BNP Paribas SA, a rival suitor for Credit Lyonnais, said this week it favors selling its 16.2 percent stake in Credit Lyonnais.
In a landmark ruling in March, the CECEI approved the Credit Agricole-Credit Lyonnais merger, but set conditions that included the sell-off of 85 branches across France and a freeze on opening outlets in one third of the country's 95 administrative districts.
French insurance regulators and the US Federal Reserve Bank quickly approved the merger, but the tie-up was delayed because the CECEI decided to launch a six-week probe into competition concerns.
Anna Bhobho, a 31-year-old housewife from rural Zimbabwe, was once a silent observer in her home, excluded from financial and family decisionmaking in the deeply patriarchal society. Today, she is a driver of change in her village, thanks to an electric tricycle she owns. In many parts of rural sub-Saharan Africa, women have long been excluded from mainstream economic activities such as operating public transportation. However, three-wheelers powered by green energy are reversing that trend, offering financial opportunities and a newfound sense of importance. “My husband now looks up to me to take care of a large chunk of expenses,
SECTOR LEADER: TSMC can increase capacity by as much as 20 percent or more in the advanced node part of the foundry market by 2030, an analyst said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to lead its peers in the advanced 2-nanometer process technology, despite competition from Samsung Electronics Co and Intel Corp, TrendForce Corp analyst Joanne Chiao (喬安) said. TSMC’s sophisticated products and its large production scale are expected to allow the company to continue dominating the global 2-nanometer process market this year, Chiao said. The world’s largest contract chipmaker is scheduled to begin mass production of chips made on the 2-nanometer process in its Hsinchu fab in the second half of this year. It would also hold a ceremony on Monday next week to
TECH CLUSTER: The US company’s new office is in the Shalun Smart Green Energy Science City, a new AI industry base and cybersecurity hub in southern Taiwan US chip designer Advanced Micro Devices Inc (AMD) yesterday launched an office in Tainan’s Gueiren District (歸仁), marking a significant milestone in the development of southern Taiwan’s artificial intelligence (AI) industry, the Tainan City Government said in a statement. AMD Taiwan general manager Vincent Chern (陳民皓) presided over the opening ceremony for the company’s new office at the Shalun Smart Green Energy Science City (沙崙智慧綠能科學城), a new AI industry base and cybersecurity hub in southern Taiwan. Facilities in the new office include an information processing center, and a research and development (R&D) center, the Tainan Economic Development Bureau said. The Ministry
State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday signed a letter of intent with Alaska Gasline Development Corp (AGDC), expressing an interest to buy liquefied natural gas (LNG) and invest in the latter’s Alaska LNG project, the Ministry of Economic Affairs said in a statement. Under the agreement, CPC is to participate in the project’s upstream gas investment to secure stable energy resources for Taiwan, the ministry said. The Alaska LNG project is jointly promoted by AGDC and major developer Glenfarne Group LLC, as Alaska plans to export up to 20 million tonnes of LNG annually from 2031. It involves constructing an 1,290km
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