Bper has launched a public exchange offer to acquire Banca Popolare di Sondrio, valuing it at 4.3 billion. The deal involves the exchange of 1.45 new shares of Bper for each share of Popolare di Sondrio, valuing each security at 9.527 euros. According to sources inside Banca Popolare di Sondrio, the transaction has not been agreed upon. The board of directors will meet in the coming days to make an assessment. CEO Mario Alberto Pedranzini, confirmed that there has been no contact and the board will carefully evaluate the proposal. Gianni Franco Papa, CEO of Bper Banca, made it clear during the presentation of the initiative to the financial community that although the offer has not been agreed upon, it is not a “hostile offer.” Papa said that, unfortunately, there was no room for a direct agreement with Banca Popolare di Sondrio, and that the Modena-based institution had to proceed independently. He added that the deal, which aims to consolidate Bper’s position as one of the leading banking players in Italy, is “a courageous step” to deal with a changing banking landscape. Papa stressed that the strategic plan envisions strong future growth for the new entity, with the goal of achieving a net profit of more than 2 billion and revenues of more than 7 billion by 2027. The transaction, according to Bper’s statement, will generate revenue and cost synergies, strengthening its presence in the country’s highest economic development regions. No antitrust issues because the overlaps concern just eight branches. Papa specified that if the transaction were to result in a stake of more than 90 percent in the capital of Banca Popolare di Sondrio, the stock would be delisted. In any case, Bper aims to exceed the 50 percent threshold to gain control of the bank. It also reserves the option of proceeding even with a 35 percent stake, provided that such a holding would guarantee a dominant influence. The final word now rests with Unipol, the main shareholder of both banks. Papa clarified that the insurance group was not involved in the negotiations and that Bper’s move was the result of an independent decision. “We talked with Unipol after the launch of the offer. They have a board that will have to make all the evaluations: they have not yet expressed themselves,” Papa said.
“We believe it is an operation that is very positive for all stakeholders including Unipol.” The offer is part of a broader trend of consolidation in the Italian banking sector with significant movements by institutions such as Banco Bpm, Unicredit and Montepaschi. This is precisely why “the operation has accelerated,” Papa explained, “There has been an important phase of consolidation, or consolidation proposals, involving domestic and also international players, and therefore it has become fundamental for us to protect our positioning in Italy. After all, “today we are the third largest bank in a whole series of elements in the system and therefore we thought it was necessary to also pursue the objectives of competitive and dimensional strengthening in line with current trends.” With the shareholders’ meeting set for April 18, Bper is preparing to take a decisive step toward creating a banking giant with strong capital strength and significant growth prospects.
(ITALPRESS).
-Photo: Bper press office-
Bper, Pope “Ops on Popolare di Sondrio non-hostile transaction”
