The kick -off today thePublic exchange offer presented by Unicredit for Banco BPM: very contested operation and still in the making, despite the green light of the assembly to the capital increase at the service of the offer. The conditional Golden Power exercised by the government has questioned the entire operation, which the bank of Piazza Gae Aulenti is still evaluating, with the option to take or ascribing, while it carries out negotiations with the government that has hosted a series of conditions also of an operational and strategic nature.
OPS on Banco BPM
Starting today, it will be possible to adhere to the public offer of unicredit exchange on Banco BPM, exchanging 1 Action of the Banco with 0.175 Unicredit shares Newly issued, which will become 0.166 after the detachment of the dividend by both banks.
The offer has a rather low implicit pricethat to the current values, it does not offer a prize, but one 8% discount compared to current values on the market. This means that, today as today, it is not convenient to adhere to OPS and that it is also difficult to relaunch the price by the Bank of Andrea Orcel, who must do The accounts with the acquisition of soul by Banco Bpm without the benefit of the Danish Compromisewhich would make the most convenient banking-insurance aggregation worker.
There will be time until 23 June To adhere to the offer, even if an extension is possible until 30 June for exceptional reasons.
The Banco reiterates: Ops “not convenient”
Meanwhile, the board of directors of Banco Bpm has considered the “not convenient” OPS and the “not adequate” considerationremembering that it incorporates a 0.5% prize compared to the price of the action as of November 22, 2024 (last day of stock exchange before the APS announcement) and “does not substantially reflect any prize for control”.
This consideration is also valid by taking as reference the average prices relating to different time horizons preceding the announcement of the OPS, which highlight “Extremely contained prizes”. In addition, taking as reference the punctual values of official prices 6 months and 12 months before the announcement of the OPS, the consideration “even reflects a discount”, to these dates, respectively equal to 3.4% and 15.3%.
“The substantial absence of a prize it is not consistent with an operation of this relevance And it is a case deemed unprecedented for operations of this type “, it is underlined by Piazza Meda.
The firmness of the government and the path of mediation
The government pulls straight on the go -ahead conditioned to OPS, underlining that it is not competence of European banking supervision, nor of the antitrust authority. “There is one Law of the Draghi government of 2022that I voted, which provides that the Government should evaluate national interestwho is not a competence of the ECB or the DG Competition of the EU “, said Giorgetti, adding” I envy the USA: here they have a virile concept of national interest, in Italy a little more lacos “.
And while the Italian government defends its position on the Golden Power, to Bank led by Andrea Orcel There is nothing left to do that Continue on the path of mediationtrying to understand if and which constraints can jump or be softened.
