Banco Bpm, the new no to Unicredit: « Oops does not recognize value and penalizes our shareholders »

Banco BPM resigns once again to the sender the public offer of exchange of Unicredit – « It does not recognize the real value of the Banco Bpm actions and penalizes its shareholders, » say President Massimo Tononi and the CEO Giuseppe Castagna -And squaderna new numbers in support of stand-alone growth. An answer that arrives in the aftermath of the Golden Power requirements for Piazza Gae Aulenti and his decision to vote in favor of the Caltagirone list in the General Assess.

The proposed prize

According to the Banco board, the 0.5% prize proposed by Andrea Orcel, «Taking the punctual values ​​of the official prices 6 months and 12 months before the AS announcement« , It even becomes » a discount compared to the price of the Banco BPM action, to these dates, respectively equal to 3.4% and 15.3% « .

The consideration of the offer

Instead, looking at the offer of the offer – 0.175 Unicredit securities for each title in Piazza Meda – the shareholders of the former popular would find themselves 14% of the new banking entity, which would not reflect the contribution of Banco BPM to the net profit 2027 expected of the combined entity (equal to about 18%).

Profits and synergies

So, given that the sum of the profits 2027 expected of the two credit institutions, «before the synergies, It is equal to about 12.15 billion, on the basis of the consideration, the BPM shareholders would be a share of a part of profit equal to about 1.7 billion ». A lower figure for about 0.45 billion compared to the net profit 2027 which would be up to the members of Piazza Meda if it remained alone.

The distribution

Even after the synergies, the value distribution would take advantage of the Unicredit members, according to Tononi and Chestnut, assisted together with the whole board of Citi, Lazard, Legance and Intermonte. In detail: the total of the synergies foreseen by Orcel would amount to around 1.2 billion, and to the shareholders of BPM « A net annual amount would be paid equal to about 0.1 billion, while those of Unicredit would be up to 0.7 billion per year ». Translated, only 14% of that value would go to those who deliver BPM securities against 86% of Unicredit shareholders.

The contribution to net profit

This is even more evident – he points out the board board – if you consider that The Dividend Payout Ratio It has been increased to 80% of the net profit already starting from 2024 « And on the basis of the objectives of net profit prospects, the strategic plan incorporates an overall remuneration in favor of shareholders of over 6 billion between 2024 and 2027 ». On the other hand, taking into account the Dividendo Department of November, Banco Bpm reiterates that he has « a Dividend Yield Among the highest in Europe « .

Russia and Golden Power

Not only to the government. Even BPM administrators worry about the exposure to UniCredit Russia and in fact cite the registration document of the OPS, in which it is explained that « any cause of loss of control » including nationalization would determine the derecognition of net activities for an accounting value of 5.5 billion ».

Ponted activities for the risk

Furthermore, for the counter, Unicredit has promoted a strategy he has led to in recent years A reduction of weighted activities for the risk that between 2020 and 2024 went from 326 billion to 277 billion« , That for Italy » this orientation has translated into a reduction in the risk of weighted risk of 131 billion to 101 billion in the years from 2020 to 2024 to which appears to be attributable a reduction in the volumes of uses of 168 billion to 145 billion in the same period « . Finally, the acquisition of soul « could be diluted within Unicredit », warns Castagna, according to which Unicredit does not explain the impact of the Golden Power: for these reasons « the offer is completely inadequate and we advise our shareholders not to join ».