Latest news with #BPERBanca
Yahoo
16-07-2025
- Business
- Yahoo
Italy's Mediobanca says MPS bid's value a third lower than fair
By Valentina Za MILAN (Reuters) -Mediobanca on Friday renewed its opposition to Monte dei Paschi's takeover offer, saying the price was "totally inadequate" and some 32% lower than what the bank's board deemed fair. Monte dei Paschi's (MPS) 14.6 billion euro ($17 billion) all-share bid for Mediobanca is one of a dozen takeover bids reshaping Italian finance. BPER Banca on Friday said it had acquired 58.5% of Banca Popolare di Sondrio as it concluded its bid, after improving the all-stock offer with a 1 euro per share cash top-up. MPS targeted Mediobanca in January after UniCredit in November bid for Banco BPM, the merger partner favoured by Italy's government for MPS - which Rome rescued in 2017 and had been returning to private hands. Mediobanca said advisers Centerview Partners, Goldman Sachs and Equita SIM had provided fairness opinions which, on average, showed the offer's exchange ratio should be of 3.71 MPS shares for each Mediobanca share tendered. MPS is offering instead 2.533 of its own stock for each Mediobanca share. Mediobanca said a combination such as the one proposed by MPS had often proven a failure in the past. MPS, which for years epitomised Italy's banking woes, is looking to combine its commercial franchise with Mediobanca's branch-less operations comprising consumer finance, investment banking and wealth management. It would run the two groups separately but sell Mediobanca products to MPS customers or use the commercial bank to support Mediobanca's other businesses. Mediobanca noted that "previous mergers between commercial banks and wealth managers/private banks ... have often led to goodwill write-downs and reductions in assets under management." To fend off MPS, Mediobanca had proposed focusing its business on wealth management by buying private bank Banca Generali from Generali - Italy's biggest insurer in which Mediobanca is the single largest investor. The Banca Generali bid, which Mediobanca has been forced to delay, would see Mediobanca use its stake in Generali as payment, severing its historic ties with the insurer. Those ties have long been criticised by Italy's Del Vecchio and Caltagirone billionaire families, who are leading shareholders in both Generali and Mediobanca. The two families have now become key MPS investors and are expected to support its bid for Mediobanca. The Milanese bank, which was born after World War Two to fund the country's reconstruction and used to pull the strings of Italy Inc, complained about potential conflict of interest given interlocking shareholdings. "The presence of the same shareholders ... in MPS, Mediobanca and Assicurazioni Generali in the context of an offer exclusively in shares also constitutes a potential misalignment of the interests of these shareholders with those of the rest," it said. ($1 = 0.8552 euros)
Reuters
11-07-2025
- Business
- Reuters
BPER Banca secures 58.49% stake in Banca Popolare di Sondrio
ROME, July 11 (Reuters) - BPER Banca ( opens new tab has successfully closed its voluntary public tender and exchange offer for Banca Popolare di Sondrio ( opens new tab, reaching 58.49% ownership, a stake that guarantees its full control, the company said on Friday In February, BPER launched an all-share takeover bid for BPSO as dealmaking picked up in the Italian financial sector. Last week, the bank sweetened its offer by adding a cash component of 1 euro ($1.17) per BPSO share, valuing BPSO at 5.44 billion euros. Last week, BPER chief Gianni Franco Papa said he was confident that the lender would go over a 50% take-up threshold in its ongoing takeover bid for Sondrio, in an interview with the MF newspaper. Borsa Italiana data earlier in the day showed that take-up had reached 58.35% of Sondrio's share capital. Papa called it a significant milestone that would strengthen BPER's position among Italy's top banking groups, with the emerging group aiming for a presence of more than 2,000 branches and 6 million customers, according to the statement.
Reuters
10-07-2025
- Business
- Reuters
Italian lender BPER secures nearly 36% stake in Pop Sondrio
MILAN, July 10 (Reuters) - Italy's fourth-largest lender, BPER Banca ( opens new tab, said on Thursday it has secured almost 36% of Banca Popolare di Sondrio (BPSO)( opens new tab under its buyout offer, a stake it considers sufficient to secure control of its smaller rival. In February, BPER launched an all-share takeover bid for BPSO as deal-making picked up in the Italian financial sector. Last week, the bank sweetened its offer by adding a cash component of 1.00 euro ($1.17) per BPSO share, valuing BPSO at 5.44 billion euros. Borsa Italiana data earlier in the day showed that take-up had reached 35.96% of Banca Popolare di Sondrio's share capital. The acceptance period for the offer ends on Friday, BPER said. The bid highlights the frenzied pace of bids and offers in Italy's banking sector over the last year. BPER has a market capitalization of about 10.8 billion euros, more than double Popolare di Sondrio's 5.36 billion euros, according to LSEG data. ($1 = 0.8554 euros)
Wall Street Journal
04-07-2025
- Business
- Wall Street Journal
Italy's BPER Banca Bumps Popolare Di Sondrio Offer to $6.4 Billion
Italian lender BPER Banca BPE -1.96%decrease; red down pointing triangle topped up its offer for Banca Popolare di Sondrio BPSO 0.68%increase; green up pointing triangle by throwing in a cash component to value the smaller rival at around 5.47 billion euros ($6.43 billion). In February, BPER Banca rushed to join the wave of consolidation sweeping through Italy's crowded banking sector in a bid to gain scale and defend its market position. The offer it put forward for BP Sondrio valued it at roughly 4.3 billion euros based on share prices at the time.
Reuters
08-05-2025
- Business
- Reuters
Italy's BPER posts 43.2% rise in first quarter net profit
MILAN, May 8 (Reuters) - Italy's BPER Banca ( opens new tab posted a 43.2% rise in first-quarter net profit on Thursday, driven by fee and trading income that more than countered a decline in net interest margin. Net profit for the January-March period was 442.9 million euros ($500.74 million). here. Italy's fourth-largest bank, which launched a 4.3 billion euro all-share bid for smaller rival Banca Popolare di Sondrio ( opens new tab in February, saw revenues rise 5% in the first quarter. Net fees rose 8.5%, while a narrowing spread between lending and deposit rates pushed net interest margin down 3.8%. ($1 = 0.8845 euros)
