Bpm bank: after the blitz of Unicredit, the first key appointment is set for today, Tuesday 26 November with the board of directors of the institute led by Joseph Chestnut: a meeting that ended with the rejection of theOps launched by Unicredit. Just this morning, moreover, among the directors seen entering to participate in the board of Banco Bpm, Mauro Paoloni had defined “hostile” the operation worth over 10 billion euros. Even before the board of directors began, however, the possibility that a 0,5% premium compared to last Friday's price could be enough to gain the approval of the Banco Bpm board members. In fact, a no has arrived.
Banco Bpm, the scenarios between Mps and Commerzbank
The voluntary public exchange offer on the Banco would lead to the birth of the third largest European bank by market capitalization. The Ops, which puts the marriage at risk with Ps, is independent – according to Unicredit – from theinvestment su Commerzbank: “Europe needs stronger banks,” stressed CEO Andrea Orcel. Government Frost“A move that was not agreed upon,” commented the Minister of Economy, Giancarlo Giorgetti, while evoking the golden power and, with regard to Commerzbank, quoting von Clausevitz: "The surest way to lose the war is to engage on two fronts". The leader of the League was harsh, Matteo Salvini: "I wouldn't want anyone to intend to stop the Bpm-Mps marriage. What does Bankitalia do, monitor?" And while on the stock exchange Unicredit is swinging, Banco Bpm reverses course at midday and turns downwards.
Banco Bpm, here are the stages of Unicredit's takeover bid
Document to Consob within 20 days, requests for authorizations to the Italian and European authorities, assembly at April 2025 and possible closure of the operation in June. These are the main stages of Unicredit's takeover bid for Banco Bpm described in the documents presented by the bank led by Orcel.
In particular, the document states, Unicredit intends to present to Consob the Offer document within 20 calendar days from yesterday, November 25, 2024. Within the same deadline, it will submit the requests for obtaining the prior authorization as well as the necessary communications and requests for obtaining other authorisations ECB, Bank of Italy and Ivass also for the controlling share in Anima (on which Banco has launched the offer last November) and other subsidiaries.
Il April 10, 2025 it will be the turn ofextraordinary assembly which will have to approve the capital increase (equal to 13,9% of the share capital of Unicredit) of new shares intended to be exchanged for those of the Bank. The board of directors will then decide on the increase "in the shortest technical time after obtaining the preventive authorizations".
The adhesion period will start after the publication of the offer document. The operation, the group estimates, will be completed by June 2025, with full integration completed within – approximately – the 12 consecutive months and with most of the synergies achieved within 24 months.
