New round in the banking consolidation game. Intesa Sanpaolo with UnipolA move that will also have repercussions for the company it invests in The Bper (film), launched a public buy-and-swap offer (OPAS) on Monday 30.6 billion eurosFor the entire capital of the Monte dei Paschi di Siena (MPS) banking group, in which the Italian state still has a small stake through the Ministry of Economy.
Unipol to propose marriage to Bper’eA group will be formed after the merger by merging with the Siena branches of which it is the main shareholder. Banca Monte dei Paschi. To support the agreement increase in capitalAn investment of up to 2.5 billion euros is planned at Unipol Assicurazioni’.
If the transaction takes place, Intesa Sanpaolo will become: Europe by stock market value’'s second-largest banking groupAnother change in the Italian and European banking environment.
MPS completed the acquisition of Mediobanca’, which controls part of insurance giant Generali’, in December after months of proposals and negotiations, including BPM and UniCredit’, and also ignited an exchange between the Italian government and the European Commission.
What is BPM’'s competitor offer?
With this move, Intesa and Unipol overturned Banco BPM’'s plans on Sunday, offering MPS’ a friendly proposal for the unification of equals.
The purpose of the proposal of Banco BPM’nin and therefore the French group Credit to Agricole%It is to create a large banking group with 20,1’e. breaking of the current de facto binaryThe Italian market consists of Intesa Sanpaolo and UniCredit’.
” Chances of successThis is a very weak idea for a suitor who thinks he can win by just sending his lover a letter.” Unipol president Carlo Cimbri commented, During a press conference with Milan’da Intesa Sanpaolo presenting the strategic project on MPS, he referred to BPM’'s intentions.
It will be more difficult for the Milan-based bank to follow this strategy anyway because Intesa’'s OPAS’ is blocking transactions and alternative offers at Monte dei Paschi’. The Passivity RuleProhibiting them for the duration of the offer, It should be completed by December 2026’.
The merger will be ’'s second-largest banking group.
According to a restructuring made by Corriere della Sera (source in Italian)On September 10, ’, Intesa Sanpaolo will hold an extraordinary shareholders' meeting to vote on a decision. Capital increase of 5.7 billion eurosFor the issuance of ordinary shares supporting the transaction that requires Intesa’ to take over the legal personality of MPS, Mediobanca and its businesses.
Unipol to acquire 635 Monte dei Paschi branchesIt brings 55 billion euros in direct financing, loans to around 42 billion customers, profits between 400 million and 460 million, up to 20 billion risk-heavy assets, the MPS brand and close to 2 million customers.
At this point in the plan, Bper will step in.Unipol proposes a combination with “yeni” MPS and changing the name of the new organization Banca Monte dei Paschi.
In order to perform the transaction, the UnipoleHe will present a proposal to the unscheduled extraordinary plenary meeting, authorizing the board of directors to increase capital by up to 2.5 billion euros.
The merger is expected Will be completed in Decemberand plans to allow “, the new banking group's European leader, to further strengthen its support for the real and social economy.
