Bper is preparing to review the offer for Banca Carige. The context has changed since mid-December, when the first proposal was presented. And it has changed for several reasons: the first of which is that the law on the conversion of the DTA has become a “law”, thanks to the approval of the Budget Law at the end of the year. But that’s not enough. The real point is that now there is a new player in the field: Crédit Agricole Italia.
In recent days, the Italian-French bank has in turn presented a detailed proposal for the Ligurian bank, something more than a simple expression of interest. And after weeks of impasse, the Interbank Fund (Fitd), an 80% shareholder of the bank and which left Bper in limbo for almost a month, has decided that the time has come to choose. And it will do so at the meeting of the Management Board called for Monday.
And it is precisely in view of that date that Bper has considered putting its hand to its offer. At present, a board of directors has not yet been formally convened in this regard but it is highly probable, according to the Sole 24Ore, that between the late evening of today and tomorrow an extraordinary meeting will be held during which the essential elements of the operation will be “adjusted”: the take-off price and the need for capital. Two cornerstones that in the first version saw an offer for 0.8 euros and a re-capitalization for a billion borne by the Fitd.
Now, however, we will unexpectedly play with hole cards, with the aim of going to see what the Interbank Fund has on the table. In fact, nothing has leaked with respect to the key elements of the French proposal, despite Consob’s request, and although at least on paper it is a sort of counter takeover bid, competing with that of Bper. A confidentiality justified perhaps by the fact that Crédit Agricole Italia, according to some readings, would have limited itself to expressing a certain interest.
And for this very reason, as a non-binding event, it would not have been required to disclose. The fact is that the interest of Agricole – which has always opposed a “no comment” to the rumors – would not be deprived, specifically, of some certain elements. On the other hand, it is no mystery that the transalpine institute wants to consolidate its presence in our country. He has already done so by participating in 2017 in the rescue of the three banks of Rimini, Cesena and San Miniato, an occasion in which he had already crossed the Fitd and its top management. And more recently going to conquer Credito Valtellinese. So now aim to add a new piece.