Here’s how Bper will happily digest Carige
How and why Bper on Unipol's impulse bought Carige. Facts, numbers, analyzes and scenarios
What changes for Bper with Carige? Here are facts, numbers and analysis.
BPER ABANCES CARIGE
Bper announced yesterday that it has signed the agreement for the acquisition of 80% of the Ligurian bank held by Fitd: the agreement provides that the Fitd will recapitalize Carige for 530 million (to cover the capital gap highlighted by the regulator) while Modena will buy the share of the Fitd for one euro, by launching a tender offer on the 20% of residual capital at 0.8o euro by the summer.
HERE IS THE CARIGE TREASURE COLLECTED BY BPER
The approval of the deal will now be subjected to the assessments of the Authorities involved, Antitrust and ECB, to which Bper will ask for the authorization to hold the controlling stake. The deadline for closing is June 30, to allow the former popular led by the managing director Piero Montani to benefit from the regulations relating to the transformation of the DTA into tax credits in the event of a merger, a "treasure" which for Carige is worth approximately 370 million.
WHAT HAS FITD DECIDED ON CARIGE AT BPER
The board of the Interbank Fund (Fitd), with a unanimous opinion, yesterday accepted the offer of Bper, which a month ago had retouched the first offer submitted at Christmas. And rejected by the Fitd, formally because the terms violated the statute of the one who has been the strong partner of Carige for three years, in fact because it was rather expensive. Then – today Repubblica reconstructed – the Emilian bank, controlled by Unipol with 20%, had asked the Fitd for a preventive recapitalization of 1 billion on Carige, and then bought, in exchange for 1 euro, 80% of the Fitd and the 8.3% of the central bank. Faced with the denial, at the beginning of 2022 Bper renegotiated the "dowry" to be received, limiting it to 530 million as a preventive capital increase, and also the consideration, now limited to 80% in the hands of the Fitd. What does not change, however, is the value of the residual takeover bid on Carige, which will be € 0.80 for the minority shares.
THE ANALYSIS OF THE SUN 24 HOURS
First of all, good news for Carige, which found in the Emilian bank that industrial partner deemed indispensable by the ECB itself for the bank's salvation – highlighted the S ole 24 Ore – but "good news also for the Fitd, which inevitably pays capital to recapitalize the bank, gets rid of a “cumbersome” shareholding that is incompatible, in the long term, with the mandate of the consortium vehicle of the Italian banks. But the deal announced yesterday is good news especially for the Modenese bank and its main shareholder Unipol ”.
THE SIGHTS OF UNIPOL WITH BPER
The construction of a real national banking center by Bper – which last year took over 630 former Ubi branches – is continuing with decision, at the urging of the reference shareholder Unipol (19%), Corriere della Sera stressed . In yesterday's note, Bper highlights precisely the "strong strategic and industrial value" of the acquisition, which will allow the group "to grow in areas that are currently limited in coverage, consolidating its competitive positioning and strengthening the prospect of creating value for its stakeholders. ".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/bper-carige-2/ on Tue, 15 Feb 2022 07:36:56 +0000.