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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.
Deutsche Bank has acquired a 5.2 percent stake in Banco BPM for over EUR 700 million, potentially signaling a competitive move against UniCredit's takeover bid for Anima Holding SGR. This stake, held on behalf of third-party clients, may align with Crédit Agricole's interests, which seeks to increase its shareholding. A high shareholder turnout is anticipated, with key support from BlackRock and JPMorgan, as decisions on lowering the minimum capital threshold for the takeover bid are set to be made.
UniCredit has threatened to withdraw its €10bn bid for Banco BPM if shareholders vote to increase the offer for asset manager Anima. The Milanese lender emphasized that any changes to the Anima offer would impact its own proposal, while BPM's leadership criticized UniCredit's tactics as dangerous and hostile. Tensions rise amid ongoing consolidation efforts in Italy's banking sector, with BPM asserting its commitment to a standalone strategy.
Banco BPM's CEO, Giuseppe Castagna, expressed confidence in the bank's strategy and capital position amid UniCredit's bid threats. He emphasized the importance of acquiring Anima to enhance profitability and dismissed UniCredit's tactics as attempts to manipulate shareholder sentiment. Castagna reassured investors of sufficient capital to support the bank's growth plans, countering allegations of financial instability.
UniCredit has warned it may terminate its bid for Banco BPM if the latter increases its offer for Anima, which Banco BPM's leadership describes as a dangerous tactic aimed at influencing shareholder votes. They assert their strong capital position and commitment to completing their acquisition strategy, emphasizing that they will respond legally to UniCredit's allegations.
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.
Unicredit's unexpected offer for Banco BPM has raised concerns among stakeholders, who view the bid as undervalued. Alternative scenarios for Banco BPM include remaining independent, merging with Banco Mps, or forming an international bank with Credit Agricole. Meanwhile, Unicredit's plans for Anima are complicated by its takeover bid for Banco BPM and the significant state ownership in the asset management group.
Banco BPM CEO Giuseppe Castagna has alerted employees that a potential takeover by UniCredit could jeopardize over 6,000 jobs. He expressed concerns regarding the bidder's estimated cost synergies, which amount to more than a third of Banco BPM's cost base.
UniCredit's recent takeover bid for Banco BPM has surprised analysts primarily due to its timing, as the bank has been involved in multiple strategic moves, including a bid for Commerzbank and acquiring shares in Banca MPS. Filippo Diodovich from IG Italia suggests that the current offer is low and anticipates a higher bid to attract Banco BPM shareholders. He emphasizes that this acquisition could create significant synergies, enhancing UniCredit's presence in the Italian market by leveraging Banco BPM's local roots alongside its own international expertise.
UniCredit's public exchange offer for Banco BPM has caught the bank's management off guard, particularly CEO Giuseppe Castagna, who aimed to establish a third banking pole. Analysts suggest that the current offer is low and anticipate a higher bid to attract Banco BPM shareholders. This move is seen as a strategic effort to enhance UniCredit's presence in the Italian market by leveraging Banco BPM's local roots alongside its own international experience.
Giuseppe Castagna
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