Milan, March 6 (Reuters) - Italy's financial sector is experiencing a series of takeover attempts, which will soon face scrutiny from the market as investors in the targeted companies decide whether to tender their shares.
Banco BPM, after receiving approval from the Bank of Italy, is set to initiate proceedings this month with its proposed acquisition of fund manager Anima Holding. UniCredit is anticipated to follow suit in April with its own bid for Banco BPM.
Another player to watch is the state-backed Monte dei Paschi di Siena (MPS) and its surprise move to acquire a significant stake in Generali, Europe's third-largest insurer, viewed as a coveted asset in the ongoing market realignment.
UniCredit's CEO, Andrea Orcel, through the acquisition of Banco BPM and a 2 billion euro ($2.1 billion) stake in Generali, positions UniCredit at the forefront of the sector's evolving landscape.
Although the outcome remains uncertain, investors should monitor key developments in the upcoming weeks and months. UniCredit shareholders are due to vote on March 27 to authorize the issuance of shares necessary to fund the unsolicited bid for Banco BPM totaling 10 billion euros ($11 billion).
The European Central Bank is expected to endorse the bid around the same time, setting the stage for UniCredit to launch it in April. Orcel has hinted at the possibility of a cash top-up to support the offer, which is priced at approximately a 1 billion euro discount to market value.
With changed terms in the Anima deal enabling UniCredit to withdraw until shortly before the offer's settlement in June, the dynamics are fluid. Banco BPM's bid for Anima, valued at up to 1.8 billion euros, is progressing well, with current uptake reaching 45%.
Shareholders have empowered Banco BPM's board to finalize the deal, even pending favorable treatment from the ECB, which could substantially impact the bank's capital ratios.
Amidst these moves, UniCredit is eyeing Commerzbank while waiting to see how developments unfold regarding a potential Generali takeover. Monte dei Paschi's bid for Mediobanca adds another layer of complexity to the ongoing battles among Generali's top investors.
The landscape in Italy's financial sector is evolving, with strategic maneuvers and potential shifts on the horizon.