(Finance) – The takeover bid for Anima by Banco BPM “can be considered friendly” and the bank has “good relations with other shareholders” of the asset manager, but did not speak to anyone before the announcement to the market. “We will be in contact with them, we want to consolidate the market to have a unique industrial proposal, and we will be happy if the current shareholders remain, but the offer is for everyone”. This was stated by the CEO of BPM desk, Giuseppe Castagnain the call with the financial community that followed the publication of the 9-month results and the announcement of the offer for Soul aimed at delisting.
Banco BPM has 22.38% of Anima. The others significant shareholders I am Italian Post Office with 11.95%, FSI SGR with 9.77% and Caltagirone with 3.46%. Anima holds 9,441,730 own shares, representing 2.96% of the capital.
Asked if this operation has implications for the consolidation of the Italian banking market or could prevent Banco BPM from making other moves, Castagna said: “This transaction is part of the consolidation. The bank wants to continue on a standalone path with a greater commitment to growing the product factories, and this is a very important first step. We will be looking at opportunities in asset management and bancassurance, as we have already said. Once we are consolidated on the product factory side, we may look at bringing more capabilities into distribution in the future.”
“By building product factories we become a more integrated player and distribution will be an area we will look at in the future – he added – We have already mentioned the financial advisors or other banks“.
When asked for details on relationships with Anima’s current partners, he said: “We have not had contracts with the major distributors, who have long contracts anyway. We think that we have every opportunity to improve the numbers and volumes of these distributors“.
“We didn’t say we want to be the sole shareholder of Anima”, said the CEO, explaining in another passage that “we try to obtain 100% of Anima, but if an institutional investor wants to remain a shareholder we will be happy to consider it”.
As for the consideration, “we don’t think the price is lowalso because the price rose with Anima which was considered a target after the transaction of BNP“; furthermore, “Anima’s volumes are low, so those who want to capitalize on their investment have a good opportunity with this transaction”.