Credit Agricole/Italy Awkward Agricole

The battle over Suez couldn’t have come at a worst time for Credit Agricole. Political considerations dictate that it must vote its 4.5% stake in Suez in favour of the Franco-French merger with Gaz de France. But it may then look like part of a stitch-up to stop Italy’s Enel from breaking Suez up. Why should Credit Agricole care? Because it is simultaneously involved in its own delicate negotiations to defend its position in the Italian banking market. Credit Agricole holds a 18% stake in Intesa...