The title of Banca Carige (+7% to 0,6125 euro), after the institute confirmed the interest of the American fund Apollo both for non-performing loans and for an entry into the shareholding structure through a substantial capital increase, set at 550 million euro . In a note, the bank specifies that on 23 March it received the latest non-binding and confidential proposal from Apollo which, upon the occurrence of certain and modified preliminary and precedent conditions, says it is ready to present a binding offer to purchase the group's non-performing loan portfolio, offsetting the effects with a capital increase of over half a billion.
The operation would be entirely guaranteed by funds affiliated to Apollo and would be reserved for 500 million to the same fund and offered as an option to the current shareholders for the remaining 50 million. This would subsequently involve the launch of a takeover bid. "Any evaluation and determination regarding the new formulation of Apollo's non-binding proposal", reads the note, will be "under the responsibility of the new board" which will take office after the shareholders' meeting on 31 March.
Apollo's proposal of 23 March follows the one made on 10 February (again of a non-binding nature): on the basis of this first offer, Apollo was willing to take over the non-performing loan portfolio, offsetting the effects with a capital increase of 625 million fully guaranteed. The recapitalization would have been reserved for the fund for 525 million and for 100 million offered as an option to the current shareholders. Carige's board of directors – reports the press release – “examined and investigated this proposal, in several sessions, with the help of its consultants, who discussed it, without starting a negotiation, with the bidder”.
