For Unicredit A crucial week is about to begin. three days until the closing of the offer on Banco Bpm and uncertainty reigns supreme. Between the golden power constraints imposed by the government, the 30-day suspension granted to the executive for further investigation, the appeal to the Regional Administrative Court, and the observations of the EU Commission on special powers, chaos rages. And the result, on the markets, is that in view of the deadline set for July 23, the takeover bid is at 0,233%. CEO Andrea Orcel has repeatedly reiterated that he's not concerned about the percentages and that the low takeup is precisely due to a lack of clarity, but the clock is ticking and the unknowns remain. They're clearly on display on the table, awaiting an announcement.
Unicredit-Banco Bpm: The Possible Option
In view of the April 23 deadline, nothing is leaking from Piazza Gae Aulenti regarding the bank's next moves. According to rumors, Orcel is working with a small group of collaborators and lawyers to take stock of the situation and decide what to do.
In the last few days, rumours have been circulating repeatedly regarding the convocation of an extraordinary board of directors, but given the imminent deadline it now seems too late. It is more likely that the decision on the fate of the offer launched in November on Banco Bpm will be taken within the framework of the Board of Directors meeting set for July 22 in order to approve the accounts for the first half of the year. It will therefore be in the morning of Unicredit will announce its decision on July 23rd, whatever it is.
In the meantime, the chances of Consob decides to postpone For the second time, the offer has expired, following the 30-day extension already granted in May. At this time it would seem that the law leaves us no other space, but if a legal response shows that we have them then we will act" stated the president of the Authority Paolo Savona at a hearing in the Senate.
There is, however, another hypothesis, which at the moment seems to be the most accredited: Unicredit will let the offer expire and then resubmit it in a short time and with some changes to the prospectus.
MPS-Mediobanca and Bper Pop-Sondrio
Next week will not only be important for Unicredit and Banco Bpm. Important news could also arrive on other issues, namely the takeover bid of Monte dei Paschi on Mediobanca and the offer of Bper on the Sondrio Popular Bank.
On the first front, the CEO of MPS, Louis Lovaglio, will fly to the beginning of the week New York for a round of meetings with foreign investors aimed at strengthening support for the takeover bid, while Lucchini's stakes in the Mediobanca Pact continue to be reduced by small amounts.
Finally, Monday Bper's offer for Pop Sondrio will finally reopen on July 21st. which, in the first phase of the offer period, acquired 58,15% of the Valtellina bank. The offer will last five days, from July 5st to 21th.
