Italy's Banco BPM has secured over half of Anima Holding's capital in its bid for the fund manager, aided by a key tender from a major Anima investor.
Francesco Gaetano Caltagirone announced that he would participate in Banco BPM's bid by tendering his 5.8% stake in Anima. With Banco BPM's original 22% holding and commitments from other investors, the total acceptance has now surpassed the 50% threshold.
The bid is contingent on Banco BPM acquiring at least two-thirds of the asset manager; however, the bank reserves the right to waive this condition if it achieves at least 45% of Anima plus one share.
This acquisition is a strategic move for Banco BPM in its defense against a takeover proposal from larger rival UniCredit. To counter UniCredit's offer, Banco BPM has secured shareholder approval for a capital increase, involving an additional expenditure of approximately 190 million euros.
CEO Giuseppe Castagna met with senior officials in Prime Minister Giorgia Meloni's office to discuss the acquisition. The bank anticipates receiving a key communication from the European Central Bank this week regarding the application of favorable capital rules related to the Anima deal. Castagna expressed confidence in receiving the beneficial treatment known as the "Danish Compromise."
Banco BPM has already garnered commitments from other Anima investors, including Poste Italiane and private equity fund FSI, securing a total of 22.8% of Anima's capital.