Stock Exchange, sales on Carige and Bper shares. There are still terms and conditions to be explored on the takeover bid, analysts say
The title Carige closes the session of bag down by 7.19% at € 0.6904, while Bper leaves it on the ground 0.17% at € 1,776. The cold reaction of the controlling shareholder of Carige to the purchase proposal of the Popular of Emilia Romagna it still causes sales on the shares on the stock exchange as it did yesterday in the wake of rumors about the refusal of the offer.
There official note of the Fitd, owner of 80% of the Genoese institute, specified that a commitment of one billion for the Fund is out of the question, given that the statute itself prevents a commitment of this amount, but has left space for further information on the structure of the operation.
The board of directors of Bper had requested the granting of an exclusive by December 20 in order to arrive at a first binding agreement by 31 December.
L’article 35 of the Statute of the Fitd specifies that the Fund’s interventions “may not exceed, in each year, the amount determined in the amount of 50% of the contributions paid in the previous year” and that “in exceptional cases” the Board, on the proposal of the Management Committee, “may decide to increase the limit” up to 20% of the contributions paid in the previous year.
Therefore on the basis of the payments of 926 million euros by the member banks, the Fitd would have an estimated intervention margin between 500 and 700 million euros.
Second Equita Sim, the figure of 1 billion estimated by Bper as able to cover the charges Carige would however be achieved by considering, in addition to 650 million del Fitd, the conversion of 320 million of Dta and this would allow Cet1 to remain “between 13% -13.5%”.
Second Mediobanca Securities, alongside the Fund, the Voluntary Scheme of the Fund itself could be activated for a further commitment 400 million euros even if this would require the approval of 95% of the member banks. The threshold would not be easy to reach given the opposition that has emerged especially on the part of smaller banks to put fresh funds in Carige.
In the opinion of Mediobanca Securities however also a support of the Fund from 600-700 million it would not compromise the positive impact of the operation for Carige. For Ubs, Fitd support limited to 650 million it would have an estimated impact for B in an erosion of capital of around 60 basis points. However, most analysts agree that the Fitd response leaves the door open to Bper to renegotiate the proposal.
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