The government will not exercise the golden power on Anima, the asset management company on which Banco Bpm launched a 7 billion takeover bid on 1,6 November, but the bank must continue to wait for the green light from the ECB on the application of the Danish compromise.
Opa Anima: No Golden Power from the Government
Palazzo Chigi has sent the institute led by Giuseppe Castagna a copy of the resolution of the Council of Ministers of 10 January, which accepted the proposal of the Ministry of Economy and Finance of the “non-exercise of special powers".
To date, the bank specifies, "both the effectiveness condition connected to the unconditional approval of the AGCM for the acquisition of control of Anima" by Banco Bpm, "and the effectiveness condition connected to the non-exercise of special powers pursuant to the golden power legislation" must therefore be considered fulfilled.
Banco Bpm: ECB expected on Danish Compromise
Now the ball is in the court of ECB which has yet to express its opinion on the application of the Danish Compromise, the accounting rule created in 2012 and revised in the final Basel 3 rules, also known as Basel 3+, on which the Supervisory Authority has shed light during the investigation for the granting of the capital benefit in light of some interpretative doubts.
In relation to the takeover bid on Anima, "with regard to the condition of effectiveness relating to the positive response from the ECB regarding the confirmation that Banco Bpm can continue to apply the so-called 'Danish Compromise', evaluations are continuing by the ECB, which include the involvement of the European Banking Authority”, writes Banco Bpm in a note.
Analysts are confident Mediobanca, according to which it is “a regulatory clarification on the application of the Danish Compromise itself, which implies that regulators should comment on their own past clarification. We would therefore expect Banco Bpm-Anima to receive the supervisor's green light, along with Bnp Paribas-Axa Investment Manager and likely future similar deals”.
