Italy’s second-largest bank said on Friday that its offer represented an increase of 14.8% compared to BPM’s closing price on November 6. But the number three bank estimates the premium at only 3.9%.
The third Italian bank, Banco BPM, once again rejected on Tuesday the public share exchange offer (OPE) launched against it by the second banking group on the peninsula, UniCredit, disputing its figures.
UniCredit said on Friday that its offer, 6.657 euros per share, represented an increase of 14.8% compared to BPM’s closing price on November 6, before the latter launched a public purchase offer (OPA) on the Italian asset management group Anima.
The price offered by Unicredit represents a premium of only 3.9%, assured BPM in a press release published after a meeting of its board of directors.
And the price proposed by UniCredit is 14.2% lower than the BPM share price at the close of the Milan Stock Exchange on Monday, assures the third Italian bank.
Its board of directors asked the Italian stock market policeman, Consob, to take measures to “protect all stakeholders (of BPM, editor’s note) and of the market”.
This press release constitutes Banco BPM’s response to UniCredit which had officially filed its OPE with Consob on Friday evening.
“The operation proposed by UniCredit does not recognize a premium in favor of our shareholders,” commented the general director of BPM Giuseppe Castagna, quoted in the press release.
“We also do not understand the reason why the share price (BPM, editor’s note) should not take into account the extraordinary operations launched by the bank, starting with the takeover bid for Anima,” added Mr. Castagna.
“The fact that Banco BPM is so strongly rooted in northern Italy, one of the most dynamic and industrialized regions in Europe, protects us from the uncertainties caused by UniCredit’s presence in countries like “Germany, certain nations of Eastern Europe and especially Russia,” underlined the boss of BPM.
The European Central Bank has asked UniCredit to further reduce its presence in Russia.
And in Germany, UniCredit acquired 9% of Commerzbank more than two months ago before increasing its stake to 21%, fueling speculation about a complete takeover of its German rival.
But this project encountered opposition from the German government as well as an outcry from unions in the banking sector.
