Executive Director Bper says that the Italian M&A Val has encouraged a defensive offer for Pop Sondrio
Author Andrea Mandala and Valentina for
Executive Director Milan (Reuters) -bper Banc on Friday said his 4.3 billion euros ($ 4.5 billion) offers to take over all sections for the smaller peer Banca Popolare di Sondrio was a defensive move that prompted a raft proposal the Banking Industry of Italy.
Medium-sized Italian banks like BPER have long been considered candidates for consolidation. Previously, BPer explored connection with Banco BPM, but never reached an agreement. Banco BPM has now become a goal for larger Bank Unicredit.
The Popolare di Sondrio Committee will meet on February 11 to consider the offer, which he said was not requested or agreed.
Fabio Cerchiai Bper Chairman said the offer was not hostile, while executive director Gianni Franco Papa said that BPER plans to maintain the Pop Sondrio brand and reduce the job only with a voluntary early retirement.
“The current phase of consolidation has accelerated this transaction: it has become necessary for us to defend our competitive position and in the size of the size,” Pope said.
Stocks in BPER, the fourth largest bank in Italy, fell 6%, and analysts said that Pop Sondrio, whose shares had increased more than 6%, was worth more in terms of multiple estimates.
“Providing a meaningful earnings on the share of collecting this connection is not an easy task,” Jeffersi said.
“However, there are strategic merits of the Agreement, with the BPER that exposed the attractive regions and an increasing market share in the surroundings of the consolidation of the fast sector.”
The combined entity will have 14% of the market share in Lombardy, the richest region of Italy, the Double Bper current share.
The connection would bring together two banks whose main shareholder is Unipol, the second largest insurer in Italy, who has almost 20% of the capital in each lender.
The Pope said that Unipol was advised and that he would now evaluate financial affairs.
Unipol
The Unipol CEO Carlo Cimbri bet in commercial agreements with banks to sell the insurer products, buy roles to provide partnerships and support the expansion of the BPER branch.
Given the section structure, the offer would give BPER control with only 35% pop soundrio plus one part.
Bper, based in Modena, known for car manufacturers, including Ferrari, cured meat products and balsamic vinegar, jumped in size in 2020 by buying 600 Intesolo-Ubi-Branches. He then swallowed the rival Carige based in Genoa.
BPER offers 29 new shares for every 20 pop soundrio shares, 7.8% premiums based on the final prices on Thursday, Reuters’ budgets showed.
