Credit Agricole Urged to Raise Creval Bid by Tycoon Dumont (1)

French tycoon Denis Dumont, Credito Valtellinese SpA’s second-biggest investor, rejected Credit Agricole SA offer price for the Italian lender, joining a growing number of shareholders who are demanding a higher bid.

Dumont’s investment firm DGFD, which owns 6.15% of Creval, joins Melqart Asset Management, Alta Global, Hosking Partners and Petrus Advisers in publicly opposing Credit Agricole’s offer as inadequate. The five investors combined control almost a third of the shares. Creval’s board has also said the offer price is too low.

While DGFD is open to a takeover, the “price offered is not adequate to the current ...