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Cerberus, Ifis Bid for $5 Billion Credit Agricole Loans

Sonia Sirletti, Antonio Vanuzzo, Luca Casiraghi
Cerberus, Ifis Bid for $5 Billion Credit Agricole Loans

Cerberus Capital Management LP made a joint offer with Banca Ifis SpA to buy most of the 6 billion euros ($7 billion) of Italian bad loans being sold by Credit Agricole SA, according to people with knowledge of the matter. The pair submitted a bid for a package nominally valued at 4.3 billion euros, said the people, who asked not to be identified as the transaction isn’t public. The offer was mainly for the unsecured portion of the Project Poppy portfolio, which also included secured and consumer debt as well as loans to small- and medium-sized enterprises, the people said.