Banco Bpm, chestnut in the assembly: « Unicredit’s exit from Russia can cost 5.5 billion »

The Shareholders’ Meeting of Banco Bpm at Mico in Milan becomes a new opportunity to reiterate the « no » of Piazza Meda to the Card of Unicredit paper offer. At the opening of works, the president Massimo Tononi is the president of the bank led by Andrea Orcel, who on Monday opened the period of adhesion to OPS: « The offer presents very extensive and very worrying profiles of uncertainty » and is « completely inadequate from a financial point of view » and « unsatisfactory » for shareholders. Furthermore, « three conditions of effectiveness have not occurred and there are no possibilities that occur in the future » So « the time has come that the bidder does clarity » and « decide what to do » saying if he intends to « give up the conditions of effectiveness or give up the offer ». CEO Giuseppe Castagna also asks for clarity: « It seems to us the case that they say if the offer goes on or if the offer stops ».
The Assizes, present 64.2% of the capital approved budget and dividing.

Five reasons

The Top Manager listed the points of which the Unicredit proposal – worth 13.76 billion euros and surmounted on an exchange of a desk action with 0.175 shares of Piazza Gae Aulenti (still at a discount at the current stock exchange courses) – is not favorable: the consideration is not congruous; it does not recognize any prize and is at a discount; The price of the Banco BPM title does not yet reflect the fundamentals that the institute can create; The consideration is in Unicredit actions whose performance and evaluations must still be considered; This consideration creates value only for Unicredit members and goes to the detriment of those Ban Bpm. The A then returned to focus on the finger on the problems The presence of Unicredit in Russia involves for the shareholders who decided to join the offer of the bank led by Andrea Orcel. And on the role of soul in the possible future perimeter. Two themes, these, also at the center of the binding prescriptions expressed by the Golden Power Committee regarding OPS. « I don’t want to make an ethical discourse » but the presence in Moscow involves « a significant risk » by placing « a theme of volatility, risks, uncertainty » also in terms of « data » and « cybersecurity » without counting the « economic issue because – said Castagna – the exit from Russia could cause a devaluation of 5.5 billion in the income statement ».

Soul and the agricultural crédit

How many at the Asset Manager detected by Banco BPM with an Opa of 1.5 billion, Castagna found: we know that The saving of Italians is one of the industries, assets, forces of our country and clearly we are very close to us That this result remains in a bank that has 100% of the activities in Italy, « Castagna said at the meeting. Unicredit, he added, « did not express himself on what he will do with soul » remembering how the institute led by Andrea Orcel had placed with his offer « of the conditions of effectiveness » whose effect was « not to increase the price » of the Opa on the SGR.
Meanwhile, in the assembly, the Crédit Agricola, the main shareholder in Piazza Meda with 19%, has made it known that it will dissolve the reserves on the OPS from here on: the banque vete « is aware that he will have to decide on the fate of the Banco Bpm shares in the coming weeks » but « for now the decision whether or not to offer our actions to the public exchange offering has not yet been taken », explains the CEO Philippe Brassac Bloomberg. As for the agreement relating to Amundi with Unicredit Brassac notes that « we are clearly working on the renewal of the agreement » of distribution and « we hope that it will be renewed », « but the situation is not necessarily urgent ».