The future Bpm Foundation, pivot of the "hybrid spa" proposed by the chairman of the management board Andrea Bonomi, is destined to automatically lose their prerogatives in the event of a takeover bid on the institution and the payment of compensation. This is what emerges from the draft statute of the new Bpm spa, consulted by Radiocor, which explains the details of what Bonomi called "Ovid project”, in honor of the Latin poet author of the “Metamorphoses”.
The corporate metamorphosis proposed for Bpm envisages, in the face of the transformation into a joint stock company, the creation of a Foundation through which the employee shareholders would continue to elect three supervisory directors out of 15 and which would receive 5% of the net profit each year for the creation of mutual initiatives.
But the statute automatically provides for the loss of both of these prerogatives "in the event that a totalitarian public purchase and/or exchange offer is promoted following which the offeror comes to hold a number of shares representing at least the majority of the capital company with the right to vote".
However, if the new owner wants to dismantle the foundation, he will have to pay a monetary compensation. The project is still being examined by the Bank of Italy and can therefore be modified.
Today at the opening in Piazza Affari, the BPM share loses 0,85%.
