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UniCredit has received ECB approval for its bid to acquire Banco BPM, amidst a wave of hostile offers in the Italian banking sector, which is experiencing record profits due to high interest rates. The bank plans to issue shares to fund the bid, with regulatory clearance expected soon, although a tender launch may be delayed by a month. Meanwhile, BPM faces challenges with its Anima acquisition following a negative ECB assessment, which could impact its profitability and capital levels.
UniCredit SpA has received approval from the European Central Bank to acquire Banco BPM SpA, a smaller Italian competitor. This clearance allows UniCredit to gain direct control of Banco BPM and its subsidiaries, including Anima Holding SpA. The final step for the approval process will be completed by the Italian market regulator Consob next week.
Banco BPM has dismissed concerns raised by UniCredit regarding its lending capabilities following a setback with Anima. The bank reassured stakeholders of its financial stability and ability to continue lending despite recent challenges.
Banco BPM's CEO Giuseppe Castagna dismissed UniCredit's concerns regarding the bank's lending capacity following a regulatory setback related to the Anima acquisition. Despite a negative opinion from the ECB affecting capital ratios, Castagna assured that current and projected capital levels remain adequate for continued lending. UniCredit, preparing a bid for BPM, emphasized that the ECB's stance supports the premium in its offer.
UniCredit's CEO Andrea Orcel stated that the bank will only pursue a buyout of Banco BPM if the terms are favorable, emphasizing the importance of a sensible deal. He confirmed guidance for a 2025 net profit matching last year's record and highlighted the bank's strong performance since 2021, having returned €26 billion to investors. Recent developments have negatively impacted Banco BPM's share price, as the European Central Bank expressed concerns over its acquisition of Anima Holding, affecting investor expectations for a higher premium.
The European Central Bank will decide by next week whether the 'Danish Compromise' capital rules for banks' insurance holdings apply to asset manager acquisitions through insurance units. This decision, influenced by requests from BNP Paribas and Banco BPM, could significantly impact consolidation in Europe's financial sector. The ECB is processing these requests on a case-by-case basis, with a focus on providing clarity to the market.
UniCredit has warned it may withdraw its buyout offer for Banco BPM if shareholders approve a more expensive bid for Anima Holding. Banco BPM's proposal, which requires shareholder approval on February 28, aims to align the bid's price with the market, but faces uncertainty regarding the European Central Bank's capital rules. If the price increase is approved, major Anima investors are likely to sell their stakes to Banco BPM.
Banco BPM CEO Giuseppe Castagna criticized UniCredit's recent statement amid escalating tensions in their takeover battle. UniCredit threatened to withdraw its bid for Banco BPM if the latter secures shareholder approval for a change in its own offer for Anima Holding.
Italian tycoon Caltagirone has increased his stake in the asset management firm Anima. This move highlights his growing influence in the financial sector, reflecting ongoing strategic investments in key market players.
UniCredit's CEO Andrea Orcel is navigating two potential takeover bids, one for Banco BPM and another for Commerzbank, amid political challenges in Germany. Analysts suggest there is room to enhance the offer for Banco BPM, possibly by including a cash component, while cautioning against excessive increases that could dilute shareholder earnings. Orcel's strategy reflects a broader consolidation trend in the Italian banking sector, with Banco BPM seen as a key target to strengthen UniCredit's position against larger rival Intesa Sanpaolo.
Anima Holding SpA
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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