In France, the CREDIT AGRICOLE launched a public takeover bid of nearly EUR 20 billion on CREDIT LYONNAIS of which it is the main shareholder with 17.79% of the capital and 18.62% of voting rights. If successful, the operation will create a new heavyweight in the banking sector, rivalling BNP PARIBAS. Shareholders of CREDIT LYONNAIS will either exchange four of its shares for five CREDIT AGRICOLE shares plus EUR 148.24, or EUR 56 for every CREDIT LYONNAIS share, or 37 CREDIT AGRICOLE shares for 10 CREDIT LYONNAIS shares. The offer puts the value of the bank at EUR 19.5 billion. The CREDIT AGRICOLE is already guaranteed the support of shareholders AGF-ALLIANZ, BBVA, COMMERZBANK and INTESABCI, which together hold 21.2% of the bank. AXA abstained as a "traditional ally" of BNP PARIBAS, which had sought to form a partnership with CREDIT LYONNAIS after having acquired the 10.9% share held by the French State end November, increasing its stake to 16.1%.