Bpm bank he doesn't accept it and raises the stakes: after having presented a exposed to Consob to stop the public exchange offer (Ops) Of Unicredit, the institute led by Giuseppe Castagna has decided to raise the stakes, also bringing the case to theAntitrust. The accusation? The operation would be a “killer acquisition“, or rather a move designed to eliminate a troublesome competitor and put a spoke in the wheels just when Piazza Meda is in the midst of strategic operations.
A Business Square, title Banco Bpm recorded a slight decline (-0,13%), while Unicredit gained ground with a rise of 1,51%, in line with the positive trend of the main banks, supported by theTakeover bid by Banca Ifis on Illimity.
Banco Bpm accuses Unicredit: the takeover bid threatens its moves on Anima and Mps
According to Banco Bpm, the offer from the institute led by Andrea Orcel represents a clear attempt to get in the way his recent moves strategic: on the one hand the public purchase offer (Opa) on Anima, a leading company in managed savings, on the other handacquisition of 5% di Ps. Both of these operations strengthen Banco Bpm's role in the Italian banking sector, consolidating its presence in two crucial sectors: managed savings and credit. However, Unicredit's takeover bid risks blocking these strategic operations at birth.
The complaint to Consob and the issue of the passivity rule
Before turning to the Antitrust, the institute led by Castagna had already submitted a exposed to Consob, with which the Bank had requested "the adoption of measures to protect all stakeholders of the Bank and the market as well as the public offer promoted on Anima shares". At the heart of the disputes is the use of the passivity rule, a rule that limits the defense capacity of companies subject to public offers, making it more difficult for Bpm to protect its strategies and maintain independence. According to the institute, this rule could transform Unicredit's takeover bid into a trap, preventing any attempt at strategic relaunch.
A clash that redraws the balance of the banking system
The complaint by Banco Bpm is only the latest chapter in a banking game of risk that also involves other players, such as Crédit Agricole, which has recently increased its stake in Bpm at 19,9%, and the European supervisory bodies, called upon to evaluate compliance with market rules.
With the complaint to the Antitrust, the banking institution of Piazza Meda raises the level of the conflict, aiming to block a maneuver that could profoundly affect the balance of the national banking system. The next few months will be decisive in understanding who will emerge victorious from this game.