Totalitarian CF+ Totalitarian on Banca System. The institution born from the experience of the land credit has launched aPublic purchase offer on 100% of the Milanese Institute for 1.8 euros per share. As explained in a note, the operation aims to merge with Banca System, which therefore will not undergo delisting and will remain in the Star segment of the list in Piazza Affari.
Based on data as of 31 December 2024, at the end of the improvement of the offer, the new banking group will have an overall active in over 6.5 billion and credits to customers greater than 4.3 billion.
The opa on Banca System
Each action brought to adhere to the offer will be paid for a value of 1.80 euros, divided into 1,382 in cash and 0.418 euros through the attribution of 21 shares of Kruso Kapital, a company controlled by Banca System and listed on EGM, divided with a ratio of 1 to 98.
The Opa is supported by the reference shareholder by the funds managed by the shareholder, it is referred to by Banca CF+, Elliott Investment Management.
The Institute is also assisted by Unicredit and Studio Chiopenti and brings a package of adhesions of 19,995,371 ordinary shares, representing about the 24.86% of the share capital of Banca System, signed on June 29 by the shareholders Gianluca Garbi, Sgbs and Garbifin.
As specified in a note, the market operation is aimed at all the bank shareholders, who will have the opportunity to immediately enhance the investment made over time, reducing with the consideration and the 21 shares the potential risks of the realization of the medium-long term strategic objectives.
Following the public purchase offer, the title of Banca System collapsed on the stock exchange, coming to yield 11%under the value of 1.8 euros per share recognized by CF+.
According to what is stated by the analysts of Intermonte a The sun 24 hoursthe offer was “unexpected” and at the beginning of the contracted, it was at the discount compared to the opening bag price of 1.994 euros per action.
Banking Risiko
The CEO and general manager of Banca CF+, Iacopo de Francisco, commented on the phase that is characterizing the Italian banking sector, explaining that the operation goes towards the need to create larger and more efficient operators also in the sector of specialized institutions, with fairly large balance sheets that can be seized the opportunities of the market:
“The integration of Banca CF+ with Banca System allows you to combine skills, technologies and industrial vision to create a more solid and innovative operator, capable of growing in the election business segments. We will remain a listed reality, and this will offer the opportunity to aggregate other operators who can bring skills and distinctive skills. This initiative will generate value for all stakeholders”.
The Opa launched by Banca System arrives in the same days of the Scalate di Mediobanca by Monte dei Paschi di Siena, who, after receiving the green light from the ECB, gave the green light a capital increase of over 13 billion euros to support the public exchange offer.
An OPS to which Mediobanca is trying to resist by promising overall remuneration for shareholders equal to 4.9 billion euros In three years.
