Elliott's Italian Bank Is Said to Plan Offer for Banca Sistema
Banca CF+, an Italian financial services firm controlled by Elliott Management Corp., is set to launch an offer for Banca Sistema SpA, according to people with knowledge of the matter.
The offer would consist of cash and shares of Banca Sistema's unit Kruso Kapital SpA, said the people, who asked not to be identified because the plan isn't public.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 hours ago
- Yahoo
Spain's BBVA to proceed with takeover bid for Sabadell
MADRID (Reuters) -Spain's BBVA said on Monday it would move ahead with its hostile takeover bid for smaller rival Sabadell despite the government effectively blocking it from fully merging with its smaller rival for at least three years. The government said on June 24 BBVA would not be allowed to integrate its operations with Sabadell for at least three years as one of the conditions imposed on the more than 14 billion-euro ($16 billion) bid. The cabinet could extend this condition for another two years, it said. "After reviewing (the government) resolution BBVA has decided not to withdraw the offer and, therefore, it remains in effect in accordance with the applicable regulations," it said in a filing with the stock market supervisor. Proceeding with the offer means BBVA must comply with the requirements set by the government on grounds of common interest such as protecting workers, protecting companies and protecting financial customers. Following Madrid's decision, BBVA said it was reassessing the impact on the expected 850 million euros in cost savings it had previously announced. On Monday, it did not disclose any details. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
12 hours ago
- Bloomberg
BBVA Sticks With Sabadell Bid Despite Madrid's Merger Delay
By and Jorge Zuloaga Save BBVA SA decided to keep its takeover offer for Banco Sabadell SA alive even though the Spanish government's decision to ban a merger for several years has cast doubt over how it will pan out. 'BBVA has decided not to withdraw the offer and, therefore, it remains in effect in accordance with the applicable regulations,' the bank said in a statement on Monday.
Yahoo
15 hours ago
- Yahoo
Mediobanca plans $5.7bn shareholder payout to thwart MPS takeover
Italian investment bank Mediobanca has announced a three-year strategy to distribute $5.74bn to its shareholders, as it seeks to counter a hostile takeover bid from smaller competitor Banca Monte dei Paschi di Siena (MPS), reported Reuters. In January this year, MPS launched a €13.3bn ($14bn) all-share buyout offer for merchant bank Mediobanca. Mediobanca rejected the takeover proposal from MPS, stating it is 'destructive' for the business and lacks 'industrial and financial rationale' for Mediobanca shareholders. It also said that the offer could lead to a 'significant loss' of customers, mainly in wealth management (WM) and investment banking. MPS, having secured approval from the European Central Bank, is preparing to launch an all-share bid for Mediobanca next month. Meanwhile, Mediobanca proposed acquiring private bank Banca Generali in April to bolster its scale and deter MPS' advances. However, it was compelled to postpone a shareholder vote on the acquisition to 25 September 2025 due to growing opposition from investors who increased their stakes in Mediobanca to resist the deal. The bank's updated three-year plan to 2028 emphasises expanding its wealth management division, supported by its corporate and investment banking operations, with consumer finance acting as a buffer against macroeconomic uncertainties. Mediobanca projects a 45% increase in net profit over the three years to 2028, reaching €1.9bn ($2.2bn), with revenues expected to grow at an average annual rate of 6%, surpassing €4.4bn ($5.5bn). In its prior plan to 2026, the bank had targeted returning over €4bn ($4.6bn) to shareholders and anticipated a net profit exceeding €1.4bn ($1.64bn). Additionally, Mediobanca plans to issue up to €750m ($878.6m) in Additional Tier 1 bonds under the new strategy, according to Nagel. "Mediobanca plans $5.7bn shareholder payout to thwart MPS takeover" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
