After posts, FSI and the top managers also the Caltagirone group deliver its 5.84% to the BPM counter by putting it on the right road for the Success of opa. On the success of this offer, Unicredit’s other game will then depend on Banco Bpm in which the bank risk is played.
Passed minimum threshold offer
Match on Monday 17 March, the Banco BPM opa already collects over 50% of the capital. After the memberships of Poste, FSI and the top managers, Piazza Meda could already count on a share of about 43%, in the soul wallet, now collects the availability of the Caltagirone group to deliver its shares.
With the announcement of the group that belongs to the Capitoline entrepreneur Francesco Gaetano Caltagironetherefore, is in fact reached and exceeded the minimum threshold for the effectiveness of the Opa indicated by the prospectus to 45%. This was announced by the group by remembering to be the owner of an joint package equal to 5.84% of the capital of the company of the investment funds (therefore a 0.6% more than 5.2% previously communicated). It is a expected move, but never announced before.
The adhesion period
The adhesion period yes will conclude on April 4th. The threshold foreseen BPM of 66.67% of the shares now seems to be at hand: considering that Piazza Meda already had 22% of the capital in portfolio (Poste Italiane with 11.7%, Italian strategic fund with 9.6% and some soul managers with 1.5% had already declared the adhesion to the offer) now the opa launched by the institute led by Castagna has reached the majority with the majority with the majority with the majority with the majority with the majority with the majority with the majority with the majority with the majority with the majority with the majority with the majority with the majority with the majority with the majority with the majority 50.64% of the capital, therefore it can have substantial soul control.
Mission in Rome for the CEO of BPM
In the midst of the offer, the CEO of Banco Bpm, Giuseppe Castagna Yesterday afternoon he was received at Palazzo Chigi for a meeting that lasted just under an hour and which echoes, probably, to that of Andrea Orcel, CEO of Unicredit Who at the beginning of March had met Gaetano Caputi, head of cabinet of the premier Giorgia Meloni, after seeing the Governor of Banca d’Italia, Fabio Panetta, and the president of Consob, Paolo Savona. According to the reconstructions, both ad would have worried about clarifying their position also for the purpose of exercising the Golden Power.
Waiting for the Danish compromise: what is the Danish discount?
In the meantime, the wait for the ECB verdict on the use of the Danish Compromise. If he were granted he would allow Castagna to save a lot of capital and allocate a further billion euros to remunerate their shareholders in the three-year period 2025-2027.
According to what is learned, this week the node of the so -called Danish discount. From Piazza Meda are confident in its applicability, on the basis of current regulatory provisions. But the final decision is up to the ECB which must evaluate whether to grant the necessary authorization.
But what is the Danish discount? The “Danish Compromise”, a crucial mechanism in the European banking panorama, was introduced in 2012 in the context of the capital REQUirements Regulation (CRR) of the European Union. This compromise offers accounting facilities to banks that hold direct participations in insurance companies, reducing the absorption of regulatory capital and promoting competitiveness and mergers.
