Banco Bpm, the green light of the Consob at the Unicredit Opes: it starts on April 28 (two months for membership)

Consob approved the offer document relating to the public offer of unicredit exchange on Banco BPM. The adhesion period is set from 28 April to 23 June. For each BPM action brought to membership in the public exchange offer, Unicredit will recognize a unitary consideration represented by 0.175 shares Ordinary of Unicredit of new issue, without the nominal value, having a regular enjoyment and the same characteristics of the ordinary Unicredit actions already in circulation on the date of issue.

The green light ECB to Credit Agricola

Meanwhile, Credit Agricola will not launch an Opa on the same Banco Bpm, the French group points out in the note in which he announced the Green light of the ECB to rise up to 19.9%. Credit Agricola intends to exercise the option to climb up to 19.8% By converting the derivative tools he has in portfolio upon go -ahead by Bankitalia. The Banque Verte specifies that he wants to be « Banco Bpm’s long -term shareholder ».

But the detachment of the dividend would change the concambium

The detachment of the dividend by both Unicredit and Banco BPM would however lead to the modification of the EPS concident relationship, which would be equal to 0.166 shares compared to the 0.175 expected before the coupons, adds the Offer document published by the Institute of Piazza Gae Aulenti after Consob’s green light. The change, of course, will be effective only if both dividends will be distributed before the OPS payment dateset on July 1st. The offer document also provides for the possibility that before that term only the Unicredit coupon will be detached: in that case the convenience report would become 0.182 actions.

The synergies of the offer

Unicredit with Banco BPM would be stronger in Italy and also with integration there would be « economic benefits » that include « annual synergies estimated at approximately 1.2 billion euros ante imposed at full speed, thanks
the optimization of activities and processes and the rationalization of produced factories « . The operation, according to what is read in the offer document, « would also allow to accelerate investments in innovation and digitizationcrucial to respond to market dynamics and improve customer experience, through the integration of advanced and scalable technological platforms ».

The franchise network

In addition, Unicredit would strengthen « significantly its franchise in Italy, expanding its territorial presence, In particular in the north of the country, where the network in Piazza Meda, consisting of over 1,000 branches, represents about 70% of its distribution overall. This – it is highlighted – would lead to the consolidation of the market share by number of unicredit branches in northern Italy, With an increase in the overall share of the national market, both in terms of credit credits and depositsimproving the capillarity of the distribution of services
lent to customers ».

The basis of customers

In addition, the aggregation would allow Unicredit « to guarantee the approximately 4 million Banco BPM customers direct access to an international franchise and a wide range of advanced products and services, leveraging the skills and resources of a solid pan -European commercial bank « . In a scenario that does not provide for the merger, « the estimated annual synergies would be approximately 1 billion euros in front imposed, of which around 300 million euros of revenue synergies and about 700 million euros of cost synergies ».