Giuseppe Castagna, Chief Executive Officer of Banco Bpm
(Image Source: La Presse)
Banco Bpm, Axa would be interested in buying a majority stake in the former people’s insurance business valued at around 1.5 billion
The surprise move of the Credit Agricole up Banco Bpm who, with a stake of 9.2%, became the first shareholder of the bank in Piazza Meda led by Giuseppe Castagnareopens the risiko, fueling several hypotheses. He writes it on Corriere della Sera which underlines as the French bank would really aim to “consolidate the strategic and long-term relationship” with Bpmhowever, “to trigger the foray into the capital, with an investment between 400 and 500 million, moving directly from France through the parent company, would have been the descent into the field of Axa“.
The leading Paris-based insurance group would indeed be interested in buying a majority stake in the business of Banco Bpm, valued at around 1.5 billion. “Current partnerships with Catholic And Covea, we read on Corriere della Serathe bank led by Giuseppe Castagna will have acquired the shares in the joint ventures on the policies “.
According to the international news agency Bloomberg the negotiations would be in a preliminary phase and the intervention of Agricole could now be discouraging Axa. Instead, the hypothesis of a return to the field of Unicredit. In fact, last February, the newspaper of via Solferino recalls, Orcel has abandoned the takeover bid on Bpm, following the leak of news that, by making the Milanese bank’s stock fly, made the operation too expensive. The no of Orcel Montepaschi Mps is said to have greatly irritated the Treasury, the first shareholder of the Sienese bank with 64%.
Although, as reconstructed from sources consulted by Affaritaliani.it a few days ago, following the blitz ofAgricultural up Banco Bpm, the number one in the square Gae Aulentidefined the Roland of the bankers, has not totally abandoned the dossier Montepaschi. In fact, there would still be room for a possible operation of BUT, should the “optimal conditions” arise.
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