The Fitd would like to be able to conclude the transaction within the first half of this year
Over 8 percentage points earned: it is Carige’s current performance that could have a new “suitor”. TO Bper And Crédit Agricolein fact, the Cerberus Italia fund. According to reports The messenger, in fact, the Italian branch of the US giant – which it has as its senior advisor Roberto Nicastro, former general manager of Unicredit – would have formulated a one-euro offer for 88% in the hands of Fitd (80%) and Ccb (the remaining 8%) plus the residual bid.
The amount put on the pot would be the same as that offered by Banque Verte and Bper. At this point the game is played on the dowry that will be required. As far as it has been possible to reconstruct, the Modenese credit institution would have asked initially a billion dowry, but it would have been stopped because the Fitd cannot authorize figures higher than 6-700 million.
This would be the amount that Crédit Agricole would have asked for, while on Cerberus at the moment there is no further information, even if it is obvious that the figure could not be very different from those circulated in recent days. The president of the Interbank Deposit Protection Fund, Salvatore Maccarone, had indirectly confirmed that he had received more than one offer for Carige, “not deeming it appropriate to comment on the rumors”.
To benefit from this renewed interest is obviously the Genoese credit institution, which in the last five days it has earned 17% and is currently trading at € 0.87 per share against Monday’s 0.75. Good for the Ligurian bank, which closed its balance sheet as at 30 September with an interest margin of 116.5 million, the brokerage one just over 300 million and direct deposits reached 15.5 billion.
Cerberus entrusted the role of senior advisor to Roberto Nicastro in August 2018, “using” the banker’s knowledge – fresh from his experience as president of the “four banks” among other things – to increase investments in the Italian financial sector and in Eastern Europe.
In November of 2021 Banca Ifis acquired 300 thousand unsecured retail loans (for a value of 2.8 billion) from Cerberus itself. These are mainly consumer credit contracts such as personal and purpose-built loans. This is the largest direct sale of NPLs in 2021. Cerberus itself was active in the unsecured and non-performing loan market at the end of 2018, when it acquired 2.1 billion Npls from the Delta financial company.
The news of the Cerberus involvement had already surfaced a few weeks ago, but then it seemed that the contacts had cooled after the announcement of theinability for the fund to access the Dta which amount to approximately 400 million euros. As reported the messenger, Cerberus would have expected a earn-out mechanism, that is, a system of contractual clauses that aim to reduce the risk of a company deriving from the purchase of another.
Also, as he reported The print, Cerberus would be oriented towards maintaining the Carige “brand” and the Genoese headquarters, as well as faster acquisition times. Bper, which has the former CEO of the Ligurian bank at the helm, Piero Montani, yes, it would have the “placet” of the institutions, but it would need more time to complete the massive acquisition of branches from Intesa and Ubi.
The Fitd for its part would like to be able to conclude the transaction within the first half of this year. Meanwhile, because the Civil Court of Genoa has declared inadmissible the Malacalza family’s claim for compensation on the 2019 Carige reorganization for which the former first partner of the Ligurian bank was asking for more than 480 million euros in damages. Furthermore, the Fitd does not have the share of the Genoese institute consolidated in the balance sheet because it is considered to be of a temporary nature.
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