One euro to take over 88% of Carige with the obligation to launch the takeover bid on the rest of the shares: this is the non-binding offer made yesterday by Bper to the Interbank Deposit Protection Fund, which is now the shareholder of reference of the Ligurian bank. The Stock Exchange responded immediately, rewarding Banca Carige with an 8,15% increase in the stock in just a few hours.
The operation, which could trigger the risk of the Italian banking system, has tight deadlines because Bper is asking the Interbank Fund to pronounce itself by December 20th and sign a Memorandum of understanding by December 31st to arrive at a definitive acquisition agreement by December 31st January 2022. But Bper is also asking the Fund to preliminarily pay one billion euros into the coffers of Banca Carige to strengthen its assets and expense the costs of integration into the Emilian bank.
If the first part of the operation goes through, Bper will launch the tender offer on the remaining 11,3% of the share capital for 0,80 euro per share with a total value of 70 million euro. Eventually the merger of Carige into Bper by incorporation will take place.
“Bper's interest – states an official note from the Modena bank – is consistent with the objective of expanding the perimeter of the banking group through targeted operations capable of increasing value for all stakeholders. The operation - adds Bper - would also make it possible to definitively resolve Carige's problems, safeguarding customers and all of its stakeholders, as well as protecting the interests of minority shareholders in the best possible way".
