Latest news with #BancoBPM
Reuters
24-06-2025
- Business
- Reuters
No large investors shut out of MPS stake placement in November, Akros says
MILAN, June 24 (Reuters) - Italy's Banca Akros, the investment bank of Banco BPM ( opens new tab, said on Tuesday that no large investors were shut out of the placement it handled in November of a 15% stake in Monte dei Paschi ( opens new tab on behalf of the Rome government. This includes UniCredit ( opens new tab, Norway's oil fund and BlackRock (BLK.N), opens new tab, Banca Akros added in a statement.
Yahoo
24-06-2025
- Business
- Yahoo
Italy's stake sale of Monte dei Paschi under EU scrutiny, FT reports
(Reuters) -The European Commission is examining the Italian government's sale of a 15% stake in Monte dei Paschi di Siena last year, following claims that large investors were shut out of the bidding process, the Financial Times reported on Tuesday. Reuters reported last week that prosecutors in Milan were also looking into the sale of a stake in the bank to a small group of investors, without providing details on what part of the process was being probed. Italy's economy ministry sold the stake via an accelerated bookbuilding (ABB) procedure to Banco BPM, fund manager Anima Holding, construction tycoon Francesco Gaetano Caltagirone and the holding company of late Ray-Ban owner Leonardo Del Vecchio. Banca Akros was the broker that handled the sale process. The European Commission is looking into the details of the stake sale, following complaints, to examine whether the process was a fair and open market transaction, the FT reported, citing two people briefed on the details. The preliminary assessment could lead to the opening of a state aid investigation, but no decision had been taken yet, the report added. UniCredit, Norway's oil fund and BlackRock were among the investors that were interested in buying shares in the bank, but were told that the bidding had been already closed by Banca Akros, the FT reported. Banca Akros said in a statement last week that in its role as global coordinator and bookrunner, it "conducted the process correctly and transparently," fully complying with applicable regulations and practices. The European Commission and Monte dei Paschi di Siena did not immediately respond to Reuters' requests for comment outside regular business hours. Banca Akros could not be reached for comment. Reuters could not immediately verify the report. 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
Reuters
24-06-2025
- Business
- Reuters
Italy's stake sale of Monte dei Paschi under EU scrutiny, FT reports
June 24 (Reuters) - The European Commission is examining the Italian government's sale of a 15% stake in Monte dei Paschi di Siena ( opens new tab last year, following claims that large investors were shut out of the bidding process, the Financial Times reported on Tuesday. Reuters reported last week that prosecutors in Milan were also looking into the sale of a stake in the bank to a small group of investors, without providing details on what part of the process was being probed. Italy's economy ministry sold the stake via an accelerated bookbuilding (ABB) procedure to Banco BPM ( opens new tab, fund manager Anima Holding ( opens new tab, construction tycoon Francesco Gaetano Caltagirone and the holding company of late Ray-Ban owner Leonardo Del Vecchio. Banca Akros was the broker that handled the sale process. The European Commission is looking into the details of the stake sale, following complaints, to examine whether the process was a fair and open market transaction, the FT reported, citing two people briefed on the details. The preliminary assessment could lead to the opening of a state aid investigation, but no decision had been taken yet, the report added. UniCredit, Norway's oil fund and BlackRock were among the investors that were interested in buying shares in the bank, but were told that the bidding had been already closed by Banca Akros, the FT reported. Banca Akros said in a statement last week that in its role as global coordinator and bookrunner, it "conducted the process correctly and transparently," fully complying with applicable regulations and practices. The European Commission and Monte dei Paschi di Siena did not immediately respond to Reuters' requests for comment outside regular business hours. Banca Akros could not be reached for comment. Reuters could not immediately verify the report.
Mint
20-06-2025
- Business
- Mint
Italys market watchdog calls for ECB coordination as banking deals boom
MILAN, - Italy's financial markets watchdog Consob said on Friday a lack of regulatory alignment with the European Central Bank is creating friction in the oversight of a recent wave of Italian banking deals. The country's banking sector has in the last year seen a raft of bids and offers, including UniCredit's all-share offer for smaller peer Banco BPM, creating a complex web of deals between some of its biggest players. In a speech delivered for Consob's annual assembly in Milan, the watchdog's President Paolo Savona mentioned "difficulties" in coordinating with the ECB during the evaluation of six takeover and share-exchange offers that have emerged since late 2024. "Despite the fact that Consob had signed a memorandum of understanding committing to exchange information without the need for specific formal reminders, difficulties in dialogue arose, raising uncertainties about the timing of responses," Savona said. Many of the banking deals rely heavily on equity swaps—mechanisms sensitive to market fluctuations and closely watched by international investors. "These price-dependent structures require timely, coordinated oversight," Savona said. The ECB declined to comment on the matter. The wave of bids rocking Italy has pitted the country's second-biggest bank UniCredit against the government over its proposed public exchange offer for Banco BPM. Italy has invoked its "golden powers" to set the terms of UniCredit's offer, citing national security concerns. Savona said the Italian rules - initially introduced as an extraordinary safeguard against hostile takeovers - have become a catch-all tool, with increasing government intervention requests to manage perceived threats from foreign investments. He said aligning these domestic frameworks with European treaty obligations is urgent, especially amid EU-level discussions on reforming foreign direct investments.
Yahoo
20-06-2025
- Business
- Yahoo
UniCredit likely to withdraw Banco BPM bid amid regulatory hurdles
UniCredit's chief executive Andrea Orcel in an interview with Italian daily La Repubblica, indicated that the bank is likely to abandon its proposed acquisition of smaller rival Banco BPM, as reported by Reuters. Orcel highlighted ongoing challenges posed by the Italian government's 'golden power' conditions and court appeals as significant barriers to the deal. "But if we don't manage to resolve (the problems), as is probable, we will withdraw," he stated. The CEO noted that UniCredit has been working to comply with the terms set by Rome, including the divestment of its Russian activities, a move also urged by the European Central Bank. "We have done more than was requested by the ECB," Orcel stated, adding that no other bank had reduced its Russian activities as extensively as UniCredit. However, finding a buyer for these assets acceptable to both Russia and Western authorities has proven difficult. Orcel also confirmed that the bank had earmarked capital to cover potential losses if the Russian assets were to be nationalised. Despite the potential setback, Orcel remained optimistic about UniCredit's prospects saying: "Our future is very bright with or without M&A." He refrained from commenting on the ongoing investigation during the interview. This comes on the heels of European Commission's approval of the proposed acquisition under the EU Merger Regulation, subject to UniCredit divesting 209 branches in areas where competition concerns were identified. However, the Italian competition authority's request to assess the merger under national competition law was denied by the Commission. The Commission's investigation concluded that at the local level, the transaction could potentially harm competition in the deposits and loans markets for retail consumers and SMEs banking services. Conversely, at the regional level, no competition concerns were raised for LCCs banking services, as the market would still feature several well-established competitors' post-transaction. Furthermore, the Commission found no evidence that the transaction would increase the risk of coordination in the Italian banking market, considering the market's fragmented nature, the low transparency in consumer pricing, and the limited monitoring of market behaviour by competitors. Earlier this month, Commission revealed that it will not initiate an in-depth investigation into the deal. "UniCredit likely to withdraw Banco BPM bid amid regulatory hurdles " was originally created and published by Retail 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
