Day of passion for the Banco Bpm, which collapses on the baghighlighting one loss of more than 5%after the negative opinion expressed by ECB to the “Danish Compromise”the incentive connected on the Opa launched for soul. Not even the clarification of the counter on the will to go on With the Opa he neutralized the disappointment of the market, which awaits the Board of Directors tomorrow and the Unicredit assembly.
The decision on the Danish compromised, in fact, not only puts the counter offer into play for the Milanese Sgr, but also affects the exchange of exchange advanced by Unicredit for Banco Bpm. Tomorrow a Banco Bpm board has been summoned, precisely on the day on which the UniCredit assembly is convened, which will have to approve the capital increase at the OPS on the BPM counter. The bank led by Andrea Orcel had already ventilated in the past the possibility of withdrawing his offer, conditioning it to the green light of the supervisory authority.
The ECB expressed itself in a restrictive sense
Banco BPM confirmed that he received a communication of the ECBwith which the supervision body has brought its own attention to the bank conservative vision on the prudential treatment of the acquisition of soul, establishing that in this case it would not apply the so -called Danish Compromise. The ECB, gave his opinion, not taken a decision, so the ABA assessments (European Banking Authority)which as competent supervisory authority, will have to definitively express himself on the issue.
The bank had presented a special question At the ABA, aimed at confirming the applicability of the Danish compromised, in the light of the favorable position previously expressed by the authority in response to a previous request for opinion, formulated with reference to another operation.
What is Danish Compromise
Danish Compromise is one accounting dating back to 2012then incorporated into the rules of Basel 3which guarantees an incentive to the acquisitions made by the banks through insurance subsidiaries. Incentive takes the form of one Discount “assetswhich allows the bank in question to acquire another company without having to prepare additional capital to compensate the start -up (or goodwill), how to require standard rules.
In the present case, The offer was formally launched through the insurance subsidiary Banco bpm vita. In this case, it is estimated that the Benefit for Banco BPM would be equal to 1 billion euro. This is confirmed by the Banco also reporting that the Cet 1 ratioin the scenery of Worst Case (without Danish Compromise) would be above 13% (compared to 14.4% of the basic scenario of application of the Danish Compromise).
Opa soul goes on
Banco BPM also provided an update ontrend of the adhesions collected so farreiterating the will to go on with the offer. Also taking into consideration the commitment made by Poste Italiane, on yesterday, March 25, 2025, le adhesions were equal to 47.24% of the capital Social of Anima, and therefore the minimum threshold of effectiveness of the offer equal to 45% plus 1 action was exceeded. In the meantime, it has also been confirmed The adhesion of Caltagironewhich would bring the adhesions already beyond the 50% threshold Opa.
