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Intesa CEO expects solution to antitrust issues

Mon Jul 6, 2009 6:11am EDT

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MILAN, July 6 (Reuters) - Italian bank Intesa Sanpaolo SpA's (ISP.MI) chief executive said on Monday he expected a solution to be found to antitrust objections to a pact between its shareholders Assicurazioni Generali SpA (GASI.MI) and Credit Agricole (CAGR.PA).

Italy

On Friday, Italy's antitrust authority extended its probe to include a new pact between the two shareholders, which was changed at the end of June to meet the regulator's objections to the original pact announced at the end of April.

"In the end a solution will be found that goes well for the shareholders and does not create problems for the company," Intesa CEO Corrado Passera said on the margins of a meeting.

On Friday, the regulator said the latest pact includes consultation on strategic issues and did not guarantee the necessary independence between Credit Agricole and Intesa Sanpaolo and the third-party role of the French bank.

The antitrust authority's probe, due to run to mid-October, is also looking at Credit Agricole's failure to sell down its 5.8 percent stake in Intesa as required by commitments made when Intesa Sanpaolo was created in 2006. (Reporting by Giancarlo Navach; Writing by Nigel Tutt; Editing by David Holmes)

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