Unicredit challenges the restrictions on the offer for Banco Bpm: "They hinder sound management". The bank is considering appealing to the administrative courts, while the offer on the market is approaching
Under the pretext of "national security", the Government shows that it puts political interests before economic ones. The result? Damage to Italy's image and a flight of foreign capital
The executive has decided not to exercise the Golden Power on Bper's takeover bid for Banca Popolare di Sondrio, giving the green light to the operation
Obstacles on Russia, branches and governance, but the bank raises doubts: "unclear prescriptions". Meanwhile, the Generali assembly is approaching and Unicredit becomes the deciding factor
The capital increase of 981 million for the public exchange offer on Pop Sondrio was unanimously approved. The 2024 budget was approved, with a 0,60 euro dividend arriving on May 19
Balance sheet and dividend also approved. Ops will start between June and July. The bank: "No agreement with Caltagirone on Generali". From Gruppo Caltagirone lawsuit worth 741 million against Mps
The Government's decision on the application of the golden power to Unicredit's offer on Banco Bpm should arrive on Friday 18th or at the latest on Tuesday 22nd. Three possible scenarios
In view of the meeting scheduled for April 17, success is looming for CEO Lovaglio. The Boards of Directors of Banco Bpm and Anima deliberate a favorable vote on the increase
After the ECB's approval, the German Antitrust Authority has given the unconditional green light. Unicredit can now convert its derivatives into shares. The Italian bank: "Only if the operation complies with rigorous financial parameters"
After Algebris and Pimco, Norges Bank also in favor of the increase in view of the meeting of April 17. Caltagirone rises above 9%
Countdown to the Mps meeting called to vote on the capital increase to service the takeover bid on Mediobanca. Pimco is in favor, Banco Bpm and Anima are key. Here is the count before the challenge to the last vote
After having lined up on opposite sides on the Mps-Mediobanca offer, the proxies regroup and recommend voting for the Mediobanca list in view of the Generali meeting on April 24. Donnet: "Changing governance would be a gamble, background noise doesn't make…
4% of the capital has adhered to the offer concluded on April 67,976th. Adding the 21,973% already in its possession, Banco Bpm has therefore risen to 89,959% of the Sgr. Piazza Meda: "The conditions for delisting have not occurred"
In the context of the EU Pilot procedure, a spokesperson for the Commission confirmed the request “to the Italian authorities for more information on the possible application of the so-called golden power legislation as regards bank acquisitions that could take place in Italy”
With a final sprint on the last day of the offer, Banco Bpm's takeover bid on Anima ended successfully. The relaunch was crucial. Now it's up to Unicredit to decide what to do with the takeover bid launched on Piazza Meda
In an interview with 'Corriere della Sera' ahead of the April 24 meeting, the CEO of Generali states: "It will not be a referendum on Natixis, but a vote to decide whether Generali will be taken over by private entities. We need a cohesive board,…
All European banks are in deep red, with the Stock 600 banks losing almost 5%. Uncertainty over rates weighs despite rising inflation and a recession due to tariffs
Proxy advisors have opposing views on Monte dei Paschi's takeover bid for Mediobanca. Glass Lewis talks about risks, but recommends a favorable vote, Iss says No
The strategic industrial value of the takeover bid by Monte dei Paschi on Mediobanca does not convince the former CEO of Unicredit and former president of MPS, Alessandro Profumo, who however looks favourably upon the birth of a third banking hub in Italy
Acceptance period from April 28. At today's prices the takeover bid is worth 13,9 billion. The offer document foresees synergies for 1,2 billion, but Unicredit "reserves all decisions". Crédit Agricole: "We will not launch a takeover bid on Piazza Meda"
The Financial Times has revealed that Mediobanca fears that Delfin and Caltagirone are about to gain control of the country's three main financial institutions without the authorities' approval. Generali also reports a suspected "concert" to Ivass and Consob
Piazzetta Cuccia confirms 9 of the 10 outgoing councilors and the Sironi-Donnet tandem. Caltagirone presents Cattaneo and Fabrizio Palermo. Roberto Perotti is in charge of the funds
The calendar is very busy: tomorrow the board of directors of Unicredit has been called to exercise the delegation of capital increase functional to the offer launched on Banco Bpm. The takeover bid could then start around mid-April and conclude in the second week…
The 6 shareholder foundations, united in a consultation pact that groups 17,87% of the bank's capital, have presented the list for the renewal of the board of directors in view of the assembly of next April 29th.
EBA rejects Banco Bpm's request for clarification on the Danish Compromise. The Board of Directors of Piazza Meda: "Go ahead with the takeover bid for Anima even without a discount, clarifications requested from the ECB". Orcel: "The ECB has proved us right, our price for…
Earthquake in the Italian banking risk. Banco Bpm calls a board meeting tomorrow to discuss the effects of the No. On March 27th there is also the Unicredit assembly. Orcel could decide to withdraw the offer and focus on Generali
The deals aim to increase size, reduce costs, create synergies and transform Italian banks into European players, but political resistance and government interventions are slowing down innovation and growth in the sector
According to Equita, the merger would have "a strong industrial logic" and "significant room for synergies". "If the deal falls through, more risks for Banco Bpm". The Government wants clarifications on Russia and Germany: the verdict on the Golden Power postponed to…
According to analysts, even the 66,67% set as the initial condition is already within reach. The Danish Compromise issue remains: ECB response expected "very soon", Unicredit waiting in the wings awaiting the meeting on March 27
Assogestioni, the Confindustria of investment funds, has its list ready for the renewal of the board of directors of Generali at the meeting of April 24. It is supported by Fideuram, Eurizon, BancoPosta, Fineco and Banca Mediolanum
Speaking in London, the CEO of MPS said that the merger offers the opportunity to "further remunerate our investors". Then he replied to Nagel: "Dyssinergies will be minimal". On the timing: "Authorizations by the end of June".
The reference is to the relaunch and the start of the takeover bid by Banco Bpm on Anima without the response of the ECB on the Danish Compromise. Orcel: "At the end of the operation we will decide what to do". And on Commerz: "Now patience is the most important thing"
The parade of bankers at Palazzo Chigi aims to reassure the Government that the takeovers have no hostile intentions and do not jeopardize the defense of Italians' savings, but in reality it is the casual use of the Golden Power by…
Alberto Nagel, CEO of Mediobanca, criticized the Mps takeover bid, highlighting dissynergies and a probable dilution of profits. "The operation is not positive for us or for the shareholders of Mps", he said, reiterating that decisions will be guided by factors…
Banca Ifis has announced that the government has decided not to exercise special powers on the takeover bid for illimity Bank, launched on 8 January 2025
An investment beyond the current one in Commerzbank is “not likely” in 2025 and “the focus remains on the implementation of the strategic plan” underway, says the institution in Piazza Gae Aulenti
Offer at the starting blocks, the subscription period will last until April 4, Anima shareholders 7 euros per share, subject to dividend distribution. The takeover bid will start without the ECB's response on the Danish Compromise
The Lion of Trieste closes 2024 by exceeding targets. Record operating result and net profit. The dividend increases by 11,7%. With this business card, CEO Philippe Donnet ("We are stronger than ever") seeks confirmation at the helm…
Hot hours for Generali, which has brought forward to April 24 its eagerly awaited meeting called to decide on top management appointments. After the stock market closes, the Assogestioni management committee must decide today whether or not to present a…
Unicredit has obtained the OK from Ivass to acquire control of Banco Bpm Vita and Vera Vita, and stakes in Banco Bpm Assicurazioni and Vera Assicurazioni, if the takeover bid is successful
The Valtellina bank responds with a new industrial plan to the takeover bid launched by Bper: between 2025 and 2027, the target is 1,8 billion in cumulative profit and 1,5 billion in dividends, doubling the distribution made in the last 3 years. Pedranzini: "The spirit…
Banking risk, Banco Bpm has received double approval for the takeover bid on Anima: from Ivass and the EU Commission. Within 5 days, Consob must authorize the publication of the offer document. President Tononi: "Start even before the end…
Commerzbank has announced that Bank of America would hold more than 10% of the institution through voting rights and derivatives. Unicredit, awaiting news on the takeover of the German bank, would be close to 8% of Generali
The Competition and Market Authority has given the green light to Banca Ifis' public purchase and exchange offer for illimity without conditions or restrictions
The months of March and April will be crucial for Italian finance. Here are the dates to mark in red on your calendar. The Unicredit assembly on March 27 and that of Generali on April 24 are crucial. Italian finance can change…
If Unicredit acquires control of Banco Bpm following the takeover bid, without however being able to proceed with the merger between the two institutions, the bank led by Orcel foresees "that approximately 85% of the estimated cost and revenue synergies" "could be…
CEO Andrea Orcel plays on multiple tables, waiting for all the pieces to fall into place before making the final decision. The strategy is clear: no rush, just well-considered moves
Green light to the acquisition of indirect shareholdings in asset management companies without prescriptions, conditions or limitations. A few days ago, the shareholders' meeting of Banco Bpm approved the modification of the conditions of the takeover bid on Anima, authorizing the increase in the consideration…
Andrea Orcel moves the pawns on three fronts: Banco Bpm, Commerz and Generali. But between the Italian Golden Power, the fears of foreign interference and the tough German opposition, the game gets complicated. Will the CEO of Unicredit be able to overcome…
Banco Bpm's shareholders' meeting approves the increase to 7 euros per share and allows it to continue without the benefits of the Danish Compromise and with a stake below 66,67%. The mysterious 5,1% acquired by Deutsche Bank fuels speculation about Crédit…
Unicredit rises to third place in the market cap ranking, behind Ferrari and Intesa. In 2024, CEO Orcel will receive a remuneration of 13,2 million
Generali could bring forward the meeting for the renewal of the board, a decision that will be taken by the Board of Directors during the meeting on March 12. Between Mediobanca, Caltagirone, Delfin and the unknown Unicredit, the challenge for the control of the Lion of Trieste enters the…
Orcel has repeatedly said that he wants to wait for the German vote to clarify his position and obtain the support of the new government on the Commerzbank operation. But Merz has also said in the past that he is against the takeover
All the attention of the financial community is on the Banco Bpm meeting which aims to relaunch the offer on Anima Sgr. But this move could unleash Unicredit which could relaunch on Banco Bpm or withdraw the offer directing its moves on the…
In view of the Banco Bpm meeting on February 28, some Anima shareholders, including CEO Melzi d'Eril, have announced that they will join the takeover bid launched by the bank led by Giuseppe Castagna
Unicredit, shareholders called for March 27 instead of April 10 to decide on Banco Bpm. Here's what the board of directors decided and why
The partners of the Mediobanca pact, aligning themselves with the Board of Directors, reject the Mps takeover bid as "inadequate". The new entries partially rebalance the disengagement of the Gavio group, bringing the overall share to 11,87%
The Danish Compromise could be applied to Banco Bpm's takeover bid for Anima, but also to Unicredit's takeover bid for Banco Bpm and to Mps' takeover bid for Mediobanca. Everything will depend on the ECB. Here's the rule that could blow up the…
According to Banco Bpm, Unicredit would have only made suppositions, aimed at "insinuating doubts". Cet1 at 13% "in any case". Then the accusation to Piazza Gae Aulenti: "It does not provide clarifications on Commerz, Generali and Russia"
In view of the Banco Bpm meeting on February 28 called to approve the relaunch of Anima, Unicredit warns: "The increase in the price of the OPA and the renunciation" of the Danish Compromise, could determine "the resolution or ineffectiveness of the offer". What would be the effects on the…
It is true that the Italian economy has weakened in the last quarters, but the Bank of Italy expects that GDP will start to expand again in the coming months. And it hopes for an upgrade of the rating that has been stuck in the past 15 years. "Italy has shown that it can…
Unipol "shares the strategic and industrial rationale of the Ops" and underlines the importance of an aggregation that will allow to strengthen its size and competitive enhancement. Profits and dividends on the rise in 2024
"There are still a few steps to go, but we are ready to increase our stake in Generali to 20%," Milleri told Il Sole 24 Ore, expressing "doubts" about the deal with Natixis. On the sale of Unicredit shares: "At the moment, no initiative"
Commerzbank announces 3.900 job cuts by 2028, restructuring costs of 700 million. Market doubts on targets. Dividends rise, stock on a rollercoaster.
The appointments were approved by the Board of Directors on February 12, 2025 and will be formally ratified at the shareholders' meeting on April 23, 2025.
Banco Bpm, with a strong industrial plan that aims to generate profits of almost 8 billion by 2027, raises the stakes on Anima and gathers the support of Poste and Fsi for a total number of shares equal to 21% of the capital…
Banca Popolare di Sondrio is moving forward alone, convinced that it has better "growth prospects" in a stand-alone path compared to the "uncertainties" and "risks" associated with a merger with Bper. The decision of the board of directors with the abstention of…
Net revenues and commissions also up. Dividends for 3,7 billion. Orcel: "No ambition to acquire Generali, relaunch on Banco Bpm never excluded. Commerz? We will convince the new government" The stock slips on the stock exchange on the hypothesis of Delfin sale
Believe it or not: European banks' stock market performances are beating those of American high tech. And they're even cheaper than the Magnificent Seven
Revenues also increased, equal to 1,847 billion. CEO Nagel on Ops Mps: "The offer is not very attractive, with no premium for shareholders" and on Generali: "It is likely to present a list for the Board of Directors. Objective? Protect our investment"
The banking risk game is getting more and more crowded and it is now harder to count who is in than who is left on the bench. Three banks, at the moment, remain out of the chaos. Their CEOs explain why
A new twist in the game of risk that is animating the Italian banking panorama. Modena-based Bper has launched a voluntary takeover bid on Popolare di Sondrio, which just yesterday presented one of the best balance sheets in its history. The director of the operation is Unipol,…
The coupon increases from 0,25 to 0,86 euros per share, with a pay-out of 75% on pre-tax profit, corresponding to a dividend yield of 14%, "among the highest in the sector". Rocca Salimbeni aims to close 2025 with a…
Generali explains "the strategic rationale of the partnership with Natixis" and answers all the questions on the operation that would lead to the birth of a world leader in asset management
Anima takes off on the stock exchange, with the stock exceeding 6,9 euros, moving away from the 6,2 euros offered in the Banco Bpm takeover bid. The 2024 results show a net profit of 228 million (+53%) and an 80% increase in the dividend
Illustrating to the staff of the German subsidiary Hvb the advantages of the possible integration with Commerzbank, the CEO of Unicredit Andrea Orcel explains that "the agreement will lead to a huge creation of value". On Tuesday the notification to the Government of the offer on Banco Bpm pursuant to the…
Banque Verte raised its dividend by 5% to 1,10 euros per share. Amundi closed the year with record assets under management of 2.240 billion euros. Banque Verte shares on the Paris stock exchange are up…
Answering analysts' questions, Messina confirms that he is not interested in any new operations. The intention is to remain focused on his business and then: "We have recorded the best net profit ever"
Intesa Sanpaolo, revenues up 7,5% with net interest up 6,9%, net commissions up 9,4% and insurance business result up 4,1%. Income statement slows down in the last quarter of 2024
Andrea Orcel's Unicredit's entry into Generali's capital is the last-minute surprise in the challenge between Mediobanca and Caltagirone-Delfin for the conquest of the Lion
With profits up 20% and a payout of 71%, the German institution is preparing to defend its independence and consolidate investor confidence. The new strategic plan will be presented on February 13
From "Driving Growth" to "Driving Excellence". Generali's new plan aims at 11 billion in cash generation, 3 billion for buybacks and M&A. CEO Donnet: "Generali is stronger than ever, we will create value for all stakeholders".…
Generali will not present a list of the Board of Directors at the May meeting for the renewal of the positions. Today in Venice it will present the new industrial plan and the agreement on asset management with Natixis
The expected rejection of Mediobanca raises the quorum for the validity of the takeover bid launched by Monte dei Paschi and makes the battle more uncertain
Mcc concludes the sale of its stake in Cassa di risparmio di Orvieto to Banca del Fucino. The agreement strengthens the first private banking group Lsi in Central-Southern Italy and guarantees territorial and employment continuity
After Consob's request for clarification on the premium of the offer presented, Unicredit explains: "Calculation must be done on a homogeneous basis, premium of 14,8%". Banco Bpm responds: "Inappropriate, does not take into account Anima and Mps". The EU on Mps: "There is no longer…
A very hot week opens for Italian finance after the tsunami of the takeover bid by Mps, Delfin and Treasury on Mediobanca with a view to Generali. The first test is once again on the stock exchange
Prey and predators, welcome and hostile offers, the ongoing banking risk could definitively change the Italian financial structure. The operations, the protagonists, the unknowns and the scenarios
If the MPS deal on Mediobanca were to go through, the fate of Piazzetta Cuccia would change. But is it feasible? And above all, how could it impact other deals? Here are the analysts' comments
Earthquake in finance: Mps announces an operation for the acquisition of Mediobanca, with a move that would change the balance of control of Generali. The CEO of the Siena bank, Lovaglio: "The Treasury has not placed limits" on the takeover bid. Nagel: "unconcerted and hostile" move.…
