A series of takeover attempts within Italy's financial sector will face market scrutiny in the upcoming months, as investors in the targeted companies weigh whether to tender their shares.
Banco BPM, after receiving approval from the Bank of Italy, initiates proceedings this month with its proposed acquisition of fund manager Anima Holding. Following in April, UniCredit is anticipated to make its own bid for Banco BPM.
Additionally, the state-supported Monte dei Paschi di Siena (MPS) has captured attention by acquiring a significant stake in Generali, a move perceived as a coveted asset in the ongoing market reshuffle.
UniCredit's CEO, Andrea Orcel, has strategically positioned the bank at the forefront of industry restructuring by pursuing Banco BPM and securing a substantial stake in Generali.
UniCredit shareholders are scheduled to vote on March 27 to authorize the issuance of shares to finance the unsolicited bid for Banco BPM. The European Central Bank is projected to endorse the offer, paving the way for UniCredit to launch it in April.
With a discounted offer unlikely to draw sufficient interest without a cash supplement, Orcel has hinted at the possibility of additional funds. UniCredit's terms also provide the option to withdraw until the settlement date in June.
Meanwhile, Banco BPM's bid for Anima, valued at up to 1.8 billion euros, has already garnered significant interest, backed by BPM's stake and support from key Anima investors. The deal awaits the ECB's decision, crucial for its impact on BPM's capital ratios.
Speculation surrounds the ECB's verdict on Banco BPM, influencing UniCredit's deliberation on a cash top-up. Orcel remains open to a potential takeover of Commerzbank following the Banco BPM deal.
Concerns heighten as Monte dei Paschi aims to acquire Mediobanca, intensifying longstanding conflicts among Generali's major investors. The pending shareholder showdown at Generali's upcoming annual meeting in April adds to the complex scenario.
UniCredit's strategic stake in Generali grants Orcel a pivotal role in shaping the insurer's future amid unfolding shareholder battles and potential competition from domestic rival Intesa Sanpaolo.
Amid murmurs of potential developments, Intesa has not disclosed any current intentions regarding Generali, emphasizing a cautious stance amidst Italy's dynamic M&A landscape, although industry insiders speculate on future moves post the CEO's expected term extension.