New twists in banking risk. The BPM desk presented a exposed to Consob against the offer presented by Unicreditjudged too low and without a premium compared to the share price prior to the announcement, the Banca di Piazza Gae Aulenti continues to play on multiple fronts and confirms the increase in its stake in Commerzbank up to 28%.
Plot twist: Unicredit rises again in Commerzbank
UniCredit announced this morning that it has subscribed to new financial instruments relating to actions Commerzbank, in line with the previously stated objective of reaching a share of up to 29.9%. There overall position of UniCredit amounts now at around 28%of which 9.5% through direct participation and approximately 18.5% through derivative instruments.
UniCredit’s average entry price for the entire position is lower than current prices and meets all financial parameters which the bank is committed to respecting towards its shareholders”, states the Bank, adding that its exposure is “almost completely covered, demonstrating prudence in the approach and guaranteeing full flexibility and optionality”.
This operation – it is stated – “confirms the opinion of UniCredit which there is significant value within Commerzbank which must be consolidated” and “reflects trust in Germany, its businesses and its communities”, even if Unicredit’s position currently remains “only an investment and has no impact on the public exchange offer with Banco BPM” .
Banco BPM appeals to Consob
The People’s Bank announced that it had requested from Consob the adoption of measures a protection of all stakeholders and the market in relation to the exchange offer presented by Unicredit, judged too low compared to the valuation of the stock on the stock exchange.
Banco BPM states, first of all, that the reference made by Unicredit al BPM share price on November 22, 2024last date before the announcement of the offer, defined by Unicredit as ‘undisturbed’, it appears “inappropriate and irrelevant”since the value of the BBPM stock, on that date, already incorporated the impact of the release of the quarterly results and the announcement of the takeover bid for Anima and the purchase of 5% of the capital of MPS.
“Also, the prize determined on the basis of the official price of Unicredit shares on 22 November compared to the official price of BBPM shares on 6 November – it is underlined – it’s not 14.8% reported in the press release: the correct figure is 3.9%. Based on yesterday’s official prices, the implicit discount (and not the premium). in the amount announced by UniCredit last November 25th it increased at 14.2%”.
Castagna protests: non-transparent offer
“The operation proposed by UniCredit does not recognize an award in favor of our shareholders, as confirmed by the judgment of the market which has been evaluating the exchange at a discount since the first day”, comments the CEO Giuseppe Castagna, adding “in light of the statements made on numerous occasions and reported by the press, we don’t believe it can benefit transparency of the market to announce a fee while at the same time assuming that it could be revised”.
“We are surprised by the continuous references to our rumored underperformance: quarter after quarter, with the work of a local commercial bank and the contribution of our product factories, we have guaranteed shareholders strong and continuous growth, allowing them to triple their investment in the last three years”, continued the CEO, recalling that “during 2024 Banco BPM paid shareholders 1.45 billion eurosequal to over 15% of the stock market capitalisation” in dividends.
“The fact that Banco BPM has such a strong roots in Northern Italyin one of the most dynamic and industrialized areas of Europe, allows us to face the future peacefullysheltered from the uncertainty that characterizes UniCredit’s presence in countries such as Germany, some Eastern European nations and above all Russia”, concludes the manager.
