Milan, Feb 18 (Reuters) - Banco BPM on Tuesday dismissed UniCredit's concerns regarding its capital reserves and expressed confidence in the application of favorable capital rules for its proposed acquisition of Anima Holding.
Banco BPM's proposal to acquire Anima, aimed at achieving higher profit and payout targets to resist UniCredit's takeover bid, is pending approval from Banco BPM shareholders. They will vote to grant the board authorization to finalize the Anima deal before the European Central Bank's decision on the favorable capital treatment.
Banco BPM reaffirmed a projection of a core capital ratio exceeding 13%, even without the more favorable capital rules, refuting UniCredit's assessments suggesting a potential fall below that threshold.
UniCredit questioned Banco BPM's financial strength to absorb the impact of a raised Anima bid without the benefit of capital relief.
UniCredit's bid terms allow it to withdraw if a higher price for Anima is proposed by Banco BPM.
Banco BPM criticized UniCredit for raising concerns about Anima's capital levels without detailing its course of action if Banco BPM's shareholders support an increased offer for Anima.
In response, Banco BPM expressed reservations about UniCredit's recent strategic decisions, including sizable stakes in Germany's Commerzbank and Italy's Generali, characterized by UniCredit as financial investments.
Banco BPM also noted a lack of clarity from UniCredit regarding its ongoing operations in Russia.
In reference to this lack of transparency, Banco BPM emphasized the importance of such data for shareholders to assess the risks associated with accepting UniCredit's bid.