The MPS takeover bid for Banco BPM does not convince Joseph Chestnut: the future of Piazza Meda will be decided together with the shareholders. "At this moment we are under passivity rule So we can't comment on it since there's an offer on us. Unfortunately, as we've already stated, it's an offer. not at a premium but rather at a discount which simply leaves us unable to make our moves." This is how CEO Castagna, on the sidelines of an event, summarized the bank's position on the takeover bid launched by MPS.
Under these conditions, it seems unlikely that the Banco's shareholders will look favorably on Siena's offer. An offer that the CEO Louis Lovaglio However, it has been structured in such a way as to make it more like a merger than an acquisition. Moreover, it was Banco BPM itself, in early June, that wrote to MPS hoping for a merger of equals between the two banks, with shared governance. This idea, however, was not followed through.
Banco BPM, the future remains open: "Our partner was chosen with the shareholders."
If the option with MPS doesn't seem to convince Piazza Meda, the bank's future isn't already written. Castagna is keeping both the stand-alone option and that of a merger open, leaving it up to the shareholders have a decisive role in choosing a partner"We believe we have a strong future, whether operating independently or with the partners we, along with our shareholders, deem appropriate," Castagna stated. "The bank's attractiveness, both from competitors and, above all, from the market, is a given: we have multiplied the bank's value by 1500% in the last five years," he added.
And that's where it comes in. Crédit AgricoleThe French group is the first shareholder of Banco Bpm with 29,3% and has already expressed doubts about the takeover bid by MPS, indicating instead a possible alternative merger between Banco Bpm and Crédit Agricole Italia.
Banco BPM: Crédit Agricole's role, Unicredit denies rekindling
The French position has been reiterated in recent days by Clotilde L'Angevin, Deputy General Manager of Crédit Agricole. "Ours is a strong position because we are in a position where we can defend our interests. Nothing can be done without us. Nothing can be done against us." And on the possibility of integration, he added: "There are many different scenarios we can consider. Obviously, an interesting scenario, very interesting for us, would be a combination of Banco BPM and Crédit Agricole Italia, which would generate synergies."
Meanwhile, an even more complex scenario is circulating on the table. According to what was reported by Il Sole 24 Ore , Crédit Agricole and Unicredit they could evaluate a joint action on Banco Bpm, with a subsequent division of assets. In one of the circulating scenarios, approximately a third of the Bank's assets could end up in the hands of the French, while the remainder would be acquired by Piazza Gae Aulenti.
UniCredit, for its part, clarified that it is merely an "observer" of the Italian banking landscape and called rumors of its interest in Banco BPM "unfounded," following its previous attempt that ended with a withdrawal in July 2025. The group may eventually consider some of the assets that come onto the market as a result of its consolidation operations.
The rumours have however rekindled the attention of the market on the title of the group led by Castagna: on September 25th the title Banco Bpm closed at 16,40 euros, up 1,14%, bringing its weekly gain to over 3%.
The next step will be theMPS meeting on October 29, called to deliberate, among other things, on the takeover bids launched by Monte dei Paschi di Siena for Banco BPM and Banca Generali. As a target company, Piazza Meda will also have to decide whether to participate and, if so, how to vote. The calendar, however, still leaves room for potential developments: "So much is happening every week that there's time until October 29th," the CEO added.
