The Italian banking and financial Risiko intensifies. Bper last night launched a public exchange offer on Popolare di Sondrio. With a surprise and “not agreed” move (say sources close to the Valtellinese institute) the Emilian bank (and therefore Unipol who is the reference shareholder of both) thus enters the game that has the famous third banking center at stake. Unicredit started at the end of November, with a double move, first on Commerzbank and then on Banco-Bpm. Then MPS with a public exchange offer on Mediobanca and the agreement between Generali and the French of Natixis.
And then last night, the last arrival, with Bper who launched a public exchange offer on Banca Popolare di Sondrio, for an overall value of the operation is 4.3 billion euros, with a prize of the 6, 6% on the stock exchange price of February 5, 2025, bringing the evaluation of the actions of Popolare Sondrio for 9.527 euros per title. Bper’s offer provides that for each BPS action the shareholders receive 1.45 actions of newly issued Bper. The declared objective is to acquire a participation greater than 50% of the share capital of the Valtellinese bank, but the Emilian bank also reserves the right to accept a share greater than 35%, sufficient to exercise a dominant influence.
Thus enters the scene in the Unipol bank Risiko, reference shareholder of both banks, with a participation of over 19% in Bper. The operation is part of Unipol’s ambitions, director of the operation, to consolidate the Italian banking sector.
An “non -agreed” offer has made people popular with Sondrio who will meet to evaluate. On the other hand, Gianni Franco Papa, CEO of Bper, described the operation not as hostile but as a “unique opportunity” based on “industrial logic” to create a top banking group in Italy, with a strong presence in the North. The operation aims to create a significant value for shareholders, with an expected net profit of over 2 billion euros by 2027 and annual revenue synergies for 100 million and cost for 190 million. Pope also reassured that BPS’s historical identity will be preserved, with the brand maintained in its reference areas.
Immediate impact in Piazza Affari, with an excellent performance by Banca Popolare di Sondrio (who earns 6.9%in the morning) and a decomposed drop for Bper. The operation, which requires the approval of the competent authorities, should be completed in the second half of 2025, with the definitive integration by the end of the year.
