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ING is reportedly exploring a potential acquisition of Italian bank Popolare di Sondrio as part of its European expansion strategy. Preliminary discussions have taken place, but success is uncertain, especially with BPER Banca's existing €4.3 billion offer. Sondrio has engaged Bank of America and Morgan Stanley for defense and plans to redistribute €1.5 billion to shareholders to deter hostile bids.
ING is in early discussions regarding a potential bid for Italy's Popolare di Sondrio, which may not progress further. This comes as BPER Banca has made a €4.3 billion all-share offer for Sondrio, amid a wave of consolidation in Italy's banking sector. Sondrio is preparing to fend off BPER with a significant shareholder payout plan and has engaged Bank of America and Morgan Stanley for defense.
ING Groep is in early discussions with Italy's Banca Popolare di Sondrio as part of its European expansion strategy, although no formal offer is expected. This potential bid would compete with BPER Banca's recent €4.3 billion all-share offer for Sondrio, which is also under defensive strategies against takeover attempts.
ING Groep has engaged in preliminary discussions with Italy's Banca Popolare di Sondrio as part of its European expansion strategy, although these talks are not yet advanced. This potential bid would compete with BPER Banca's recent €4.3 billion all-share offer for Sondrio, which is backed by Unipol, Italy's second-largest insurer. Sondrio is also taking defensive measures, including a significant shareholder payout plan, while ING aims to enhance its presence in Italy's banking sector.
Carlo Cimbri, Chairman of Unipol Group, suggested that Dutch bank ING may be considering a bid for Popolare di Sondrio, referencing the bank's orange color during a recent meeting. Unipol, a major shareholder in both BPER and Pop Sondrio, supports BPER's bid but remains open to other offers, acknowledging foreign interest in the bank. Cimbri emphasized that Unipol prioritizes its interests and is receptive to any compelling proposals.
Carlo Cimbri
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ing explores acquisition of italian bank popolare di sondrio for expansion
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