The Intesa Sanpaolo takeover bid on Ubi Banca exceeds two thirds of the share capital, with which the Milanese bank has control over the competitor’s shareholders’ meeting also for extraordinary transactions. With today’s adhesions the total reaches 71.9%.
Intesa Sanpaolo does not need the ‘extension’ decided ex officio by Consob on the duration of the bid launched by the bank on Ubi Banca to achieve its goal and win the majority of the former popular. After 5 months from the presentation of the offer, launched surprisingly by the CEO of Ca ‘de Sass Carlo Messina on February 17, after Ubi had presented the new business plan, the Milanese bank reaches and exceeds the 2/3 share of the capital which will allow it to control the assembly of the smallest rival also for extraordinary operations. This paves the way for the Intesa plan, which provides, to meet the Antitrust requests, to sell over 500 branches to Bper and to create a group of 5 billion profits by 2022, with synergies that when fully operational 700 million. After the initial resistance of a large share of the bank’s historic shareholding, starting with the CAR skiers, which grouped around 20% of the capital of Ubi, with the relaunch of Messina, which added 17 new shares to the exchange 10 shares of the former popular a ‘cash’ component of 0.57 euro per share, the no front has collapsed and the adhesions have grown steadily. In addition to the retail world and institutional investors, the Cassa di Risparmio di Cuneo and Banca del Monte di Lombardia foundations, the great entrepreneurs from Brescia and, finally, those from Bergamo will also join.
But the operation, according to analysts, will not be limited to consolidating the role of Intesa Sanpaolo as the first Italian bank: in fact, downstream of the opas, more and more experts are seeing a new phase of consolidation among credit institutions. At the heart of many schemes is Monte dei Paschi, assisted by Mediobanca: in 2021 the MEF, which is its main shareholder, must leave the oldest bank in the world to respect the tight agreements with the EU. Among the possible brides of the Monte there are those who, like Banco Bpm, have already denied ongoing negotiations. After absorbing the branches that will be sold to it by Intesa Sanpaolo, Bper will also play a role, already very active in recent years in reorganizing itself: the Modena group, which has Unipol as its first partner behind it, will strengthen significantly in the richer areas of the country and could point to further growth. Those who do not seem willing to strengthen in Italy are the CEO of Unicredit, Jean Pierre Mustier, who recently denied any interest in m & a transactions again. Then there is the whole chapter of the smaller banks, such as the Valtellinesi Popolare di Sondrio and Credito Valtellinese, while for now the banks saved by the Fitd remain, that is, Carige and Popolare di Bari.