Banco BPM Raises Takeover Offer for Asset Manager Anima
(Bloomberg) -- Banco BPM SpA raised its bid for asset manager Anima Holding SpA, indicating that the Italy's third-largest bank is determined to win over investors as it seeks to defend from the takeover attempt of UniCredit SpA.
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The Italian lender boosted its offer to €7 from €6.20 per share, according to a statement on Wednesday. The bank said it also received commitments to the offer from Poste Italiane SpA and FSI for a combined holding of 21% of the firm, adding to the 22% owned by Banco BPM.
Anima closed at €6.98 in the last trading session, giving the firm a market value of €2.23 billion.
In November, Banco BPM offered to buy the investment firm in an effort to strengthen its life insurance and asset management operations. The combined entity would have about €220 billion of assets under management and would lead to a 10% increase in Banco BPM earnings per share.
However, Banco BPM simultaneously faces an acquisition offer from UniCredit SpA, which launched the unsolicited bid a few weeks later. Banco BPM CEO Giuseppe Castagna has rebuffed to offer as too low.
UniCredit's hostile move on Banco BPM has triggered a wave of takeover activity across the Italian banking sector. Banca Monte dei Paschi di Siena SpA last month launched an offer for competitor Mediobanca SpA, while last week BPER Banca SpA launched an all-stock takeover bid for Banca Popolare di Sondrio SpA.
Banco BPM Strategy
The UniCredit move has made it more difficult for Banco BPM to pursue Anima. Italian takeover laws impose sweeping restrictions on the strategic decisions that targets of a takeover approach can make.
In an effort to defend itself against the hostile bid by UniCredit, Banco BPM has separately announced an update of its business plan envisaging a shareholder distribution of more than €6 billion through 2027 and a cumulative net income of more than €7.7 billion over the period. The bank also reported net income for the fourth quarter that beat the average analyst estimate.
The strategy revamp that Banco BPM is exploring would still assume that the Anima takeover takes place, people familiar with the matter have said.
Banco BPM called a shareholder meeting to approve the bid increase and the possible waiver of some conditions originally stated, including the application of benefits from a favorable regulatory treatment for the purchase of asset managers by insurance companies owned by banks, known as the Danish Compromise.
(Adds details on the offer from second paragraph)
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