Exclusive granted to Bper. One month for the due diligence. Then the final offer
Go on with Bper: the Interbank Fund has broken the delay and also thanks to a withdrawal, it is rumored, of Credit Agricole Italy from Giampiero Maioli, he decided to proceed with the negotiations for the sale of their own 79.99% of Carige with the bank led by Piero Montani, granting theexclusive to the group that aims to build the third Italian banking center also involving PopSondrio, an institution that has just become Spa and in whose capital stands theUnipol from Carlo Cimbri, first shareholder also in Modena. They reveal it to Affaritaliani.it some banking sources.
The decision came at the end of the meeting, called at 15.30 this afternoon, of Management committee of the Fund led by Salvatore Maccarone who gave to Bper, assisted by Rothschild, one month for the due diligence, time after which the Montani group will have to proceed with the final offer which will also cover 8.3% of Carige in the hands of Cassa Centrale Banca and the rest of the free float on the stock market and “the definition of a contract for the acquisition of Carige – specifies a note released in the evening – as soon as possible and in any case no later than February 15, 2022 “.
“Bper’s offer – it is still read – is not binding and in the event of completion of the transaction it provides for the launch by Bper of a takeover bid on the remaining shares of Carige“not held by the Fitd” for a consideration of € 0.80 per share“.
Also in the evening, the Modenese institute raised the veil on the terms with which he managed to convince the body participated by the main Italian banks in choosing their offer given that according to rumors, also thanks to the Fund’s failure to grant the exclusivity, even the French of the Credit Agricole, digested the Creval, they had come forward, after that until a few days before Christmas they had always denied their interest in dossier. Ambitions to which were added also those of Cerberus Fund, which already controls some banks in Europe and which, however, could not have benefited from the tax incentives for the operation deferred tax asset extended by six months ad hoc for mergers by the Draghi government.
Net of what will happen after due diligence, Bper has practically halved its claims, settling, in the proposal reformulated last Saturday, with one financial dowry of approximately 530 million euros, compared to the one billion asked last December 14 for which he had leaning against the Fidt (assisted by Deutsche Bank, Kpmg, Prometeia e from the law firm Gatti Pavesi Bianchi Ludovici) the renovation costs. Offer not accepted as the amount requested for the recapitalization exceeded, by statute, the sum that the Fund is authorized to spend and after which Maccarone & C however, they had not closed the door on Montani for good.
The Modenese bank explained that the discount has been made possible, on the one hand, come on benefits related to 380 million Dta (320 million euros net) to be converted into tax credits, not considered in the first proposal as they have not yet been turned into law with the recently approved budget law. On the other, from the “estimate of lower costs for both restructuring that deriving from early termination of certain contracts “ with Carige’s partners, which Bper was able to calculate more precisely thanks to access to “an information set” made available by Fitd.
For this reason, Bper “deemed it appropriate and possible to reformulate” the terms of the original offer without jeopardizing “the guidelines of the operation” – represented by “equity neutrality, improvement ofasset quality and significant increase in the profitability of the Bper group in terms of earnings per share as early as 2023 “- confirming at the same time the strong strategic and industrial value of the operation” which “definitively” resolves Carige’s problems. With this operation, Montano’s group gets their hands on 22 billion euros of assets, 11 billion of loans and about 380 branches.
Bper’s orientation has changed and in an extraordinary board of directors in weekend. A decision on which the improvement of commercial prospects also counted of the group administered by Francesco Guido, sustained improvement from a stronger than expected economic recovery.
In a Piazza Affari negative where today the Carige share went up to 0.894 cents with a gain of 0.97% on investor bets due to a relaunch of the offer by Bper (+ 0.34% to 1.916 euros) and the competition in progress to get their hands on the Ligurian bank, sales are expected tomorrow.
After the unexpected Ccb’s turnaround (candidate to rise in the capital) in March last year and seven months from the start of the selection process of potential buyers, the dossier Genoa, one of the dossier critical in the Italian banking system (the bank was also a commissioner over two years ago) together with Mps And PopBari, finally goes to solution. To be marked on the calendar on February 15th. Meanwhile, politics (Lega) rejoices for “la protection of the national interest“and for the” embryo “of the third banking hub” attentive to the territories and the real economy “which begins to form around Bper.
@andreadeugeni
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