French move – surprise – on Bpm bank on the day the Prime Minister was in Paris Emmanuel Macron cashes in on the socialists' opening for a new government after the crisis of the Barnier-led executive (a government that, according to leaks from the Elysée, will not be decided before Monday). With an unexpected announcement that came just before the weekend, Crédit Agricole formalizes the purchase of financial instruments equal to 5,2% of the capital of Piazza Meda. The Italian authorities and Banco Bpm itself are informed of the shopping.
Secondo Republic, the French number one Philippe Brassac he would have called the president of Banco Bpm directly, Joseph Chestnut. The result? Crédit Agricole thus rises to 15,1% of Piazza Meda and is preparing to go further. In the official note it is in fact specified that Agricole has asked the Authorities to rise up to 19,99% of Banco Bpm, excluding however the launch of a takeover bid.
In this way the only offer on the Bank that of Unicredit remains. From the group led by Andrea Orcell at the moment nothing is leaking. In reality Piazza Affari continues to bet on a relaunch of the takeover bid of last November 25. The Banco Bpm stock closed the financial week at 7,51 euros and that of Unicredit at 39,21 euros, with an exchange ratio of 0,191, therefore above that proposed by Unicredit in the public exchange offer: 0,175 euros.
The move by the French, according to what is leaked from financial sources, would be "defensive“, considering that the game will take a long time and that a share of this size would allow Paris a bargaining power that would be decisive for the outcome of any operation.
A not rash move by Credit Agricole, the result of intense meetings held at the highest levels during the week and which, as highlighted by the "Banque Verte" itself, will not lead to any counter-offer on Piazza Meda compared to the Unicredit takeover bid. Not a clash therefore – writes theHandle – but a consolidation of positions while waiting to see the future moves of Andrea Orcel, CEO of Unicredit.
For its part, Credit Agricole stresses that the operation is “consistent with Banco Bpm's strategy as a long-term investor and partner“, as it “strengthens the strong industrial partnerships in consumer finance and in damage insurance, personal protection and creditor protection”. Credit Agricole also underlines its appreciation for the “intrinsic qualities of Banco Bpm, namely a solid business 'franchise' with positive financial prospects”.
