Credit Agricole launches zl.1.47 billion bid for EFL

France's leading retail bank, Credit Agricole (CA), yesterday launched a buyout bid for Europejski Fundusz Leasingowy (EFL), Poland's top leasing company. The French bank plans to acquire 6.38 million shares in EFL, and is offering zl.230 each, valuing the deal at zl.1.47 billion. CA announced on July 17 that it had agreed to offer up to $335 million for EFL. Last week it received permission from Poland's financial authorities to go ahead with the offer. Under plans to provide a full range of financial services to retail clients in Poland, CA earlier this year bought financial group Lukas for $260 million. "The bidder intends to buy EFL shares to implement its strategy of creating a leading financial group in Poland," broker BIG Bank Gdanski said in a statement. CA has also said it plans to buy large minority stakes in small insurer Europa and Internet service provider Getin. The two companies, whose joint market value exceeds $20 million, are controlled by EFL. (Parkiet, p. 2; Reuters) M.T.