The public exchange offer launched by Unicredit on Bpm bank will come to the heart of the matter next week when the bank led by Andrea Orcell will present to Consob the official offer document which will then become binding. Immediately afterwards Unicredit will submit the requests for authorization of the Takeover Bid to ECB, to Bank of Italy andAntitrust and communication to the Government as per the Golden Power legislation. In the meantime, Unicredit, which yesterday recorded a 5% jump in MY BAG after the verdict of S&P and Fitch which confirmed the post-ops rating, it is keeping an eye on all the fronts affected by the operation and in particular on managed savings, both in reference to Anima, which is perhaps the true object of Orcel's desire, both Amundi whose contract for the distribution of managed savings products at Unicredit branches will soon expire and will have to be renegotiated between Credit Agricole, which controls Amundi, and Unicredit itself.
But equally active is Banco Bpm, which is studying all the ways to stem the offensive of Unicredit. In this context, rumors are growing about the idea that Joseph Chestnut, the CEO of Banco Bpm, is planning a friendly takeover bid towards the Monte dei Paschi. An evocative but not simple operation, not so much because of the prior authorization of the mef but because it would require the convening of an extraordinary meeting of Banco Bpm with the approval of two thirds of the members. The game is wide open and the next few days promise to be lively
