Clear rejection by the Interbank Deposit Guarantee Fund of Bper's offer to take over Carige for one euro plus takeover bid on the remaining 12 percent. The Fund, which is Carige's reference shareholder with 88% of the capital, judges the preemptive recapitalization pretext requested by Bper of the Fund to start the Carige operation as "excessive". The statute of the Fund does not allow for such an onerous commitment after the Ligurian bank has already been disbursed around 700 million euros to avoid bankruptcy.
The immediate rejection of the Interbank Fund on the Bper operation was a bit of a surprise and the evolution of the matter, before considering it closed, remains to be seen. But the Stock Exchange immediately took note of it by rejecting the two stocks which, after the exploits of recent days, lost 2,37% (Carige) and 4,25% (Bper) respectively yesterday.
What will happen now? In theory, Carige could attempt a "stand-alone" relaunch but, also in this case, a substantial injection of new capital would be needed, calculated at at least 400 million euros.
Much more probable that the Modenese bank, which is 20% owned by Unipol, after having attempted the coup, comes down to more lenient demands and negotiates a more sustainable capitalization by the Interbank Fund.
Not only does the future of the Ligurian bank depend on the solution that the Carige case will have, but also the possibility that the banking risk that involves many other institutions awaiting a better future will restart in a short time.
