(Finance) – The market carefully watches the evolution of the bank Risiko in Piazza Affari, after Unicredit obtained the green light of the Consob at the prospect of the OPS on Banco Bpm while Credit Agricola collected from the ECB the authorization to climb up to 19.9% in Piazza Meda.
Unicredit and agricultural down, also BPM undertone but always beyond enhancement of Piazza Gae Aulenti
In Piazza Affari, the title Unicredit exchanges with a drop of 1.16%, while the institute led by Giuseppe Castagna slips by 0.94% to 9.454 euros, however above the enhancement of Unicredit which, at the current stock exchange values, offers 9,185 euros for each action of Bpm brought to join, with an implicit discount of 2.6% compared to the price on the market. On the Piazza di Paris, Credit agricultural It slips by 0.44%.
Oops on Banco Bpm: on April 28th
Consob approved the UniCredit’s Offer Offer (OPS) offer on Banco Bpm’s public offer. This was reported by the banking group in a note in which it announces that the adhesion period from April 28th to 23 June.
For each BPM action brought to membership in the public exchange offer, Unicredit will recognize a unitary consideration represented by n. 0.175 Ordinary actions of Unicredit of new issue, without the nominal value, having a regular enjoyment and the same characteristics of the ordinary Unicredit shares already in circulation on the date of issue, without prejudice to the adjustments described in the offer document.
The consideration will be paid to the payment date, that is to say on 1 July (except for the extensions of the period of adhesion in accordance with the applicable legislation).
With OPS BPM coupon detachment is 0.166 actions
If the Banco Bpm assembly of 30 April should approve the dividend proposed by the Board, the concmand offered by Unicredit in the OPS on Piazza Meda would fall to 0.166 ordinary shares against 0.175 initially expected. This is what we read in the prospectus, delivered to the market after Consob’s green light.
The document reads that, in the event of full adhesion to the offer, the overall monetary incocation of the APS would be 13.9 billion euros, based on yesterday’s market value. The newly issued shares will be over 265 million, about 14.55% of the dealer shares.
Effective ops bpm with 66.67%, minimum 50% plus 1 action
As for the threshold conditions, Unicredit reiterates the intention of reaching 66.67% but sets a “minimum threshold condition” equal to 50% plus a desk action.
Each decision on BPM can be taken until June 30th
Unicredit will take all the time available before deciding on the public exchange offer on Banco BPM, after Piazza Meda has changed the terms of the Opa on Soul, with the price raised at 7 euros per share and the renunciation of the property benefits of the Danish Compromise. “Any decision in this regard can be communicated by 7:29 am of the Open Stock Exchange before the payment date”, or on the morning of June 30, 2025, reads the prospectus of the offer.
“The bidder – reads – reserves the right to carry out any evaluation and to make any decision allowed on the basis of the offer in compliance with the current provisions of the law. In this context of uncertainty – in particular about the development of the affair relating to the actual applicability of the Danish Compromise – for scruple of clarity Unicredit reiterates” that “reserves the right to take every decision in this regard in this regard in respect of the terms described in this document, Available information and of all relevant circumstances “, such as the evaluation of the economic-financial and patrimonial impact deriving from the failure to apply the Danish compromised on the soul.
With stronger bpm, synergies for 1.2 billion
With the integration there would be “economic benefits” that include “annual synergies estimated at approximately 1.2 billion euros before settled, thanks to the optimization of activities and processes and the rationalization of produced factories”. The operation would also allow to accelerate investments in innovation and digitization, crucial to respond to market dynamics and improve the experience of customers, through the integration of advanced and scalable technological platforms. This approach would translate into a creation of sustainable value for all stakeholders.
OPS Autonomous Investment In Commerzbank
Unicredit, in the offer document on Banco Bpm, reiterates that the OPS “is autonomous and independent of the investment in the share capital of Commerzbank and any possible development that should register in the months to follow”.
The Institute of Piazza Gae Aulenti was authorized by the ECB to rise up to 29.9% of the German Institute.
No significant antitrust impact
Unicredit does not provide for a “significant impact” from any “corrective measures” by Antitrustust in relation to the Operation on Banco BPM. “Although a significant impact cannot be excluded in principle, Unicredit’s reasonable expectation, in consideration of the limited concrete overlaps between the two groups, is nevertheless that any measures are not however such as to significantly affect the operation”, reads the offer document.
“This, by virtue of both the limited market shares and the company that will result from the combination will cleanse in all the markets relevant at national and regional level in which there is an overlap of the respective activities both of the content number of potential markets relevant to the local level, where the overlap between the commercial network” of the two banks “could request the adoption of corrective measures.
Furthermore, it reads, “corrective measures could include structural remedies, such as the obligation for Unicredit to sell to third parties” his or Banco Bpm, “assets and/or corporate participations, and/or behavioral remedies, consisting in the obligation to put in place that could affect” his “commercial strategy”.