Latest news with #GianniFrancoPapa
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
08-07-2025
- Business
- Reuters
BPER CEO expects 'very positive' Q2 results, confirms guidance
ROME, July 8 (Reuters) - BPER ( opens new tab CEO Gianni Franco Papa expects "very positive" results for his bank in the second quarter of 2025, he said in an interview published on Tuesday, confirming guidance for the full year. Speaking to MF newspaper, Papa also said he was confident that BPER would go over a 50% take-up threshold in its ongoing takeover bid for smaller peer Banca Popolare di Sondrio ( opens new tab.
Yahoo
04-07-2025
- Business
- Yahoo
Italy's BPER raises offer for Popolare di Sondrio to €5.4bn
Italian lender BPER has raised its offer to acquire Banca Popolare di Sondrio to €5.4bn ($6.4bn). This marks a substantial jump from its initial €4.3bn all-share proposal launched in February this year. The offer comprises 1.450 newly issued BPER shares plus a cash payment of €1.00 for each Popolare di Sondrio share. The revised bid comes a day after Italy's antitrust authority, AGCM, conditionally approved the acquisition, requiring BPER to divest six branches—five from BPER and one from Popolare di Sondrio—within 10 months. Both banks share a key stakeholder in Unipol, an insurance group that uses them to distribute its products. Unipol endorsed BPER's bid last week. BPER, with over five million clients, more than 1,500 branches, and nearly 20,000 employees as of the end of last year, stands to gain approximately 900,000 customers, close to 400 branches, and around 4,000 employees through the acquisition. The revised offer follows remarks from BPER's Chief Executive, Gianni Franco Papa, who indicated weeks earlier that the bank intended to stick with its original bid. In a separate development in Italy's retail banking sector, UniCredit's CEO, Andrea Orcel, told La Repubblica that the bank is likely to abandon its proposed acquisition of Banco BPM due to challenges from Italy's 'golden power' conditions and court appeals. The European Commission approved the bid, launched in November last year, under the EU Merger Regulation, requiring UniCredit to divest 209 branches in areas with competition concerns. "Italy's BPER raises offer for Popolare di Sondrio to €5.4bn " 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. Sign in to access your portfolio
Reuters
03-07-2025
- Business
- Reuters
Italian lender BPER boosts Pop Sondrio bid to $6.39 billion
July 3 (Reuters) - Italian lender BPER ( opens new tab has increased its bid for smaller rival Popolare di Sondrio ( opens new tab to 5.44 billion euros ($6.39 billion), the bank said on Thursday, heating up the race in the country's financial sector that has seen a flurry of deals and offers. The bid represents a premium of 3% based on Popolare di Sondrio (BPSO) shares' last closing price, valuing the bank at 5.44 billion euros, according to Reuters' calculation. The revised offer includes 1.450 newly issued BPER shares and an additional cash consideration of 1.00 euro per BP Sondrio share. The bid comes just a day after Italy's antitrust authority, AGCM, conditionally approved BPER's deal for BPSO, stating that BPER is required to sell six branches, which includes 5 of BPER and 1 of BP Sondrio, within 10 months. BPER and BPSO have in common their main shareholder, insurer Unipol , which distributes its products through both banks. Unipol agreed to BPER's bid last week. In February, BPER joined in a raft of takeover bids rocking the country's financial sector, with an initial offer of 4.3 billion euros for all BPSO shares. BPER's market capitalisation of about 10.9 billion euros is more than double mid-sized lender BPSO's market value of 5.32 billion euros, according to LSEG data. The increased offer from Italy's fourth-largest bank comes just weeks after BPER Chief Executive Gianni Franco Papa said that the bank would stick to its current bid. Italy's banking sector has in the last year witnessed a wave of bids and offers, including UniCredit's ( opens new tab all-share offer for smaller peer Banco BPM ( opens new tab, creating a complex web of deals between some of its biggest players. ($1 = 0.8511 euros)
Reuters
07-02-2025
- Business
- Reuters
New Italy bank M&A may yet be more than a sideshow
LONDON, Feb 7 (Reuters Breakingviews) - Another day, another chunky Italian bank merger. On the face of it, Thursday's decision by $9 billion BPER ( opens new tab to lob in a $4.5 billion all-share bid, opens new tab for domestic peer Banca Popolare di Sondrio ( opens new tab (BPSO) merely represents the latest iteration of a wider saga in which other deals – like UniCredit's ( opens new tab 10 billion euro swoop for Banco BPM ( opens new tab and Banca Monte dei Paschi di Siena's ( opens new tab (MPS) 13 billion euro pitch for Mediobanca ( opens new tab – are more eye-catching. Yet BPER Chief Executive Gianni Franco Papa's gambit also inserts him in the conversation should these other deals unravel. The three Italian bank M&A situations share certain characteristics. UniCredit boss Andrea Orcel gave BPM shareholders only a 0.5% premium, and MPS offered a 5% uplift. Now BPER is proposing a mere 6.6% bump to its target's investors relative to its share price on Wednesday. The flipside in each case is the chance to share in the chunky synergies you'd expect in a domestic merger. BPER's 190 million euros of cost savings should be worth 1.3 billion euros taxed and capitalised, and Jefferies analysts see the targeted level as conservative. The deals have another thing in common: minority shareholders in the acquirers don't seem to like them. UniCredit shares fell after Orcel announced his pitch for BPM in November. MPS shares are off so much since the unveiling of its deal last month that Mediobanca's small premium has now reversed to a tangible discount. Meanwhile, BPER shares fell 8% on Friday morning. BPER investors' gripes may be because the bank trades on a lower multiple than BPSO. But strategically, the tie-up makes more sense than combining MPS with Mediobanca. It lets BPER expand in BPSO's northern Italian market, and become Italy's third biggest lender. As things stand, the most likely scenario is that all these deals go through. The presence of big investors like Francesco Gaetano Caltagirone on both Mediobanca and MPS share registers, plus the apparent support of the Italian government, may be enough. The same goes for BPM, where Orcel could sweeten his bid with cash. BPER and BPSO will probably follow suit assuming Italian insurer Unipol, which has about 20% of each, gives the nod. That said, Papa's decision to expand now may yet have a second benefit. If Mediobanca investors find a way to stop the deal happening, or if Orcel is too busy trying to buy Commerzbank ( opens new tab, MPS or BPM might come loose. A newly enlarged BPER might be well placed to bulk up further. Follow @gfhay, opens new tab on X CONTEXT NEWS Italy's fourth-largest bank BPER on February 6 launched a 4.3 billion euro ($4.46 billion) all-share bid for Banca Popolare di Sondrio (BPSO). BPER said it would issue 29 new shares for every 20 shares of BPSO tendered, implying a premium of 6.6% based on its closing levels on February 5. BPER and BPSO have in common their main shareholder, insurer Unipol, which distributes its products through both banks. BPER said it aimed to secure at least 35% of BPSO's capital plus one share in order to exert control over the rival. BPSO shares were trading at 9.75 euros on the morning of February 7, up 5.2%. BPER shares were trading at 6.4 euros, down 7%. For more insights like these, click here, opens new tab to try Breakingviews for free.
