Carried out in the triangulation of public offers between Unicredit, Banco Bpm and Anima. The shareholders’ meeting of the Institute in Piazza Meda approved, unanimously (99.88% votes in favor) the capital increase at the service of the operation. A victory for the CEO Andrea Orcel who, however, has not been unbalanced: the operation will be carried out only if able to create value. To move forward you need “the right conditions”. A contribution in this direction came from EBA (the European supervisory authority) which confirmed the opinion of the ECB: Banco Bpm will not be able to use the so -called “Danish Compromise” as part of the Soul operation. The rejection represents an important blow for Banco BPM, as the absence of this benefit will cost a billion more on the patrimonial level. A victory for Orcel: “I want to point out that we were right to consider an offer excluding soul given the uncertainties that this had to behave and today we see them”.
The banker did not unbalance himself on the evolution of the offer. “We propose a price that incorporates a premium at least 15% compared to the price of the BPM shares before the announcement of the offer on the soul- explained- as now known, this offer has characteristics that could increase, keep unchanged or decrease the value of the bank and that we reserve the right to evaluate once the offer will be completed”.
In conclusion Orcel specified: «We have a possible operation with Banco BPM which if done at the correct terms that we have mentioned several times can add a lot of value to all stakeholders. If this were not possible, we will not pursue this opportunity and – as a commitment made with our shareholders – we will continue with our basic scenario that remains very positive “.
