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Intesa, Unicredit, Bpm. Who snorts and who doesn’t snort for Bper’s move on Carige

2 years ago babelfish

Intesa, Unicredit, Bpm. Who snorts and who doesn't snort for Bper's move on Carige

Bper's move on Carige. The sights in the background of Crédit Agricole. And the discussions between banks (such as Intesa Sanpaolo, Unicredit and Banco Bpm, the most grumbling) within the Interbank Fund, shareholder of Carige. Facts, numbers, rumors and analyzes

Bper Banca in great shape yesterday in Piazza Affari where, with an increase of more than 7 percentage points, it was the best of the Ftse Mib (+ 0.68%), following the decision of the Board of Directors to present an offer not binding on the Interbank Deposit Guarantee Fund (Fitd) for the acquisition of a stake of 88.3%, of which 8.3% held by Cassa Centrale Banca (Ccb), in the capital of Carige.

Bper's offer ( whispered by Unipol? ) Will cease if the Fitd does not grant Bper an exclusive period by December 20 and a binding memorandum of understanding is not signed by the end of the year which provides for the obligation of the parties to sign a definitive acquisition contract by January 31, 2022.

Based on the structure proposed by Bper, the transaction provides for a capital payment by the Fitd of 1 billion euro in Carige to cover the integration costs, derisking actions and the charges from the termination of commercial agreements.

At the closing, Bper will hold 88.3% of Carige against the payment of a consideration of one euro for the entire shareholding, as well as the takeover of the nominal value by Bper in all the loans and loans disbursed by the Fitd and by Ccb in favor of Carige.

Following the closing, Bper is expected to launch a mandatory takeover bid on the remaining share capital of the company, for € 0.80 per share, including a premium of 29% compared to the closing price of the Carige share of 13 December.

Precisely in view of the choices that Fitd was preparing to make by the end of the year, Bper was working to present its proposal in the utmost confidentiality (without advisor) within a few days, also to anticipate the moves of the few possible competitors (including to which the French of Crédit Agricole, Il Sole 24 ore wrote today): “The leak of news and the consequent rise in Carige shares led to Consob's request for clarification. And so Bper, to explain the offer to the market with all its conditions, urgently convened the board of directors on Tuesday 14th. Again in order not to give too much time to possible French counter-offers, Bper also set a tight deadline for obtaining the exclusive from Fitd: five days. We will see if they will be enough to act alone or if other banks will come forward ”, added the economic and financial daily.

Both the tight time limits imposed by Bper and the extent of the amount requested have displaced many banks, especially minor ones, from which a certain discontent filters out from the banks that participate as shareholders in the interbank fund shareholder of Carige: "The disbursement of the members the Fitd – which is based on assets – is heavier especially for medium-sized banks, whose margins are more narrow than the large ones. According to calculations by Kepler Cheuvreux, Intesa Sanpaolo and Unicredit will cover 30% (the first 20%, the second 10%) of the 1 billion increase, while 5% will come from Banco Bpm and 4% from Bper itself. . What is also disliked is the idea of ​​having to shell out fresh money to finance, in fact, what promises the growth of a player like Bper, which with a 20% jump in assets would create the conditions for becoming the third pole of the country. . To this it must be added that the Italian system has been struggling for years with continuous disbursements to finance system funds. Between contributions from banks and the state to date, over 36 billion have been injected into the system to restore banks in crisis ”, added the Confindustria newspaper.

A significant table contained in a Barclays report tweeted by the financial journalist of the Gedi group, Carlotta Scozzari, with an underlining regarding Intesa Sanpaolo given the Ubi operation:

Certainly – concluded the Sun – "it is true that in the absence of valid alternatives (the only other bank in the running besides Bper was Crédit Agricole, it will be difficult to oppose a firm" no "to the proposal of the bank led by Piero Montani In a large part of the banking system, and in particular among the most significant subjects and who therefore weigh the most within the Fund, there is the awareness that the surprise advanced by Bper is currently the only solution on the table. solution that gives an industrial perspective to Carige , relieves Fitd from a stake that does not fall within its mandate and has the advantage of solving the problems of a bank on which the ECB's beacon has been focusing for some time, which in fact has asked for an increase of capital of 400 million to be built in 2022 ″.

But the Fund then said no. The Interbank Deposit Protection Fund (FITD) stated that BPER Banca's expression of interest for Banca Carige "has terms and conditions to be explored" and that the level of recapitalization required for the Ligurian bank "does not comply with the statutory provisions relating to interventions of the type in question ". This is what we read in a short note from the FITD, at the end of the council held today. On Tuesday, with the markets closed, the Emilian bank announced a non-binding offer to the FITD to acquire 88.3% of the Ligurian bank, of which 8.3% held by Cassa Centrale Banca, at the price of 1 euro , and subsequently launch a takeover bid on the remaining capital. BPER has made it a condition that the Interbank Fund recapitalises Banca Carige in advance for 1 billion euros, money that the major Italian banks should pay.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/intesa-unicredit-bpm-chi-sbuffa-e-chi-non-sbuffa-per-la-mossa-di-bper-su-carige/ on Thu, 16 Dec 2021 10:32:45 +0000.