Banco Bpm conquers soul, the offer adheres almost 90%

A first move of the banking Risiko gets the hoped for positioning. Banco BPM closes the offer launched last November on the Savings Managed of Anima: the actions delivered were 221,067,954, equal to 67.97% of the capital; With 22% in the hands of the institute led by Giuseppe Castagna, the goal of the minimum threshold set at 66.67% is exceeded by touching 89.95%. The Caltagirone group (5.84%), the FSI of Maurizio Tamagnini (9.6%), post office (11.7%), the top management of soul (1.5%) and retail shareholders and some institutional investors. Piazza Meda, after the green light of the extraordinary assembly of February, had raised from 6.2 euros to 7 euros the price with which to redeem the titles of the Asset Manager e The double collapse of Piazza Affari unleashed by the US duties on Thursday and Friday made the offer of public purchase very convenient for the Soul shareholders, who saw their titles reply up to 6.76 euros. It would now only be missing squeeze out On the remaining 10% and the SGR is ready to enter the orbit of Piazza Meda and be delisted.

Golden Power on Brussels examination

At this point the ball passes to Unicredit, to whom only the nulhies of Antitrust and Golden Power Committee are missing to start the public exchange offer on the BPM counter and which, as per the prospectus deposited in Consob, should leave on April 28 and then ended on June 23. Yesterday Reuters It relaunched the indiscretion according to which the European Commission is contesting to Italy the use of special powers in matches with bank acquisitions, a move that could limit the ability of Palazzo Chigi of Vaglie m & a strategic. Brussels could start infringement procedures if it does not receive a satisfactory response from the Member States on the subject, now so hot in Italy.

Cheap prize

The fall of Piazza Affari has changed the cards on the table in favor of Andrea Orcel. For now. It will then be seen how the lists will react in the coming weeks. Meanwhile, it is to be recorded that the shares of both banks in Piazza Affari have descended (Unicredit -9.8% to 43.8 euros, Banco Bpm -8% at 8.2 euros), which has not changed the concambium of the OS and for the Institute of Orcel translates, at the moment, in a reduction of the eventual cash outing to convince the members of the counter to be delivered their actions. By assuming a 20%relaunch, today the Unicredit prize would cost 2.5 billion, therefore 500 million compared to the days preceding the thud of the price lists.

Tactics on OPS

So far the financial years. According to the stock exchange data, however, it is observed that the « soul chapter » has closed and with this threshold the opa at the counter will cost a billion more if the Danish compromise will not be granted; And Eba and ECB’s response is to be considered quite a refusal in this sense. What will unicredit do? It will wait to understand what the actions will be that Giuseppe Castagna will undertake to mitigate the impact of Opa on capital (the CET1 would be placed in the 13%area). And it is not excluded that it can look carefully again at the quarterly that the desk will present on May 7th. The OPS will still be able to start on April 28 – provided that the survey supplement of the Golden Power Committee translates into a green traffic light for the end of the month. At that point, and at the moment just for him, Orcel could also decide to put the famous prize on the plate.

The German front

Do not forget the German front in this scenario. Also yesterday a spokesman for the German antitrust (Bundeskartellamt) made it known to Lapresse that a first opinion on the operation PEr the acquisition of Commerzbank by Unicredit, should arrive « at the latest on April 14th, perhaps even earlier ». « The deadline we have, relating to the control of mergers, which exists in Italy, Germany and the European Commission, is actually always regulated in the same way throughout Europe and follows the same ideas. In our case, we have a so -called first phase and if we believe that a deepening is necessary, we can start a second phase. For us the first phase ends in this procedure on April 14, « said the spokesperson.