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BNP Paribas clinches 97% of Banca Nazionale del Lavoro

According to a media release from the French bank, the result of the tender offer and taking into account those shares already held by BNP Paribas, and those bought in the market during the offer period, BNP Paribas' stake should now amount to 97% of Banca Nazionale del Lavoro's (BNL) common stock.

Those common shares tendered during the public offer have exceeded 81.97% of the shares which were the subject of the offer, while shares tendered represent approximately 41.56% of the total common shares, BNP Paribas said in a statement.

The bank says that the tender offer has been a huge success with both current and former employees of BNL, who tendered 97.51% of their restricted shares.

As announced in the prospectus, BNP Paribas will launch a residual offer for the outstanding BNL common shares.