Bank of Italy approves BNP-Paribas take-over of BNL

Italy's central bank has approved plans by BNP Paribas to acquire Banca Nazionale del Lavoro (BNL) for nine billion euros (10.9 billion dollars), the French banking group said on Tuesday.
"This acquisition is still subject to approval from the other regulatory authorities," BNP Paribas said in a statement. BNP Paribas needed approval from the Bank of Italy to proceed with its plans to acquire 48 percent of the capital of BNL, Italy's sixth largest bank, from the 13 shareholders who agreed to sell their stakes in February.
Once that operation is completed, BNP Paribas plans to proceed with a public offering to buy the whole of BNL for 2.92 euros per share, or nine billion euros.