Latest news with #MorganStanleyEuropeanFinancialsConference
Reuters
19-03-2025
- Business
- Reuters
Sabadell CEO expects BBVA to get off lightly in Spanish anti-trust review
LONDON, March 19 (Reuters) - Sabadell's ( opens new tab CEO said on Wednesday he did not expect Spain's competition regulator to come down too hard on BBVA's ( opens new tab hostile takeover bid when it announces the outcome of its review into the proposed deal. Cesar Gonzalez-Bueno said that the regulator, which is expected to give its view in the next month, won't be "very harsh" on BBVA and will likely impose behavioural remedies rather than structural demands such as asset sales. here. However, the CEO told the Morgan Stanley European Financials Conference in London that the offer from its bigger rival was in a "very shaky" situation because of political opposition to a deal in Spain, and because the economics did not stack up. "I think the deal is at a very complex stage and it doesn't have a very bright future," he said, repeating his view that the deal would consume more capital than BBVA first envisaged and that the predicted synergies from a merger were unachievable.
Reuters
19-03-2025
- Business
- Reuters
UniCredit CEO Orcel "less optimistic" about European bank M&A prospects
LONDON, March 19 (Reuters) - UniCredit's CEO Andrea Orcel ( opens new tab said on Wednesday he was "less optimistic" about the prospects for sizeable European banking consolidation than a few months ago because bank bosses were growing increasingly nervous about the time needed to execute deals. Orcel thrust his bank into two M&A situations last year by acquiring up to 30% in Germany's Commerzbank ( opens new tab and bidding for Italian peer Banco BPM ( opens new tab, heightening expectations for a wave of dealmaking across the region. The dealmaker-turned-CEO told an event in London that it would be at least a year before he had turned his initial 9% stake - announced in September last year - in Commerzbank into a 30% holding, and nine months before UniCredit had decided whether to proceed with its bid for BPM. "This is a long time, this is a lot of uncertainty," he told the Morgan Stanley European Financials Conference in London. Unless European authorities made strong signals about progress on a European banking union, cross-border M&A was unlikely and even large domestic consolidation, he added. "I am less positive than I was at the end of last year, on people doing things in size," he said. UniCredit received approval from the European Central Bank last week to buy up to 30% in Commerzbank, and that it would likely wait until 2026 before taking a decision on pursuing a full takeover. Orcel said on Wednesday the lender must now wait for approvals from German anti-trust authorities, which could take months, and to engage with a new German government, before deciding whether to convert derivatives positions it holds into shares. "It is difficult to see how we can be on the other side of things before September or October," he said. Orcel also told the event that UniCredit could increase its investment into its German business because the fiscal spending announced in the country Germany's prospects.
Yahoo
19-03-2025
- Business
- Yahoo
UniCredit CEO Orcel "less optimistic" about European bank M&A prospects
LONDON (Reuters) - UniCredit's CEO Andrea Orcel said on Wednesday he was "less optimistic" about the prospects for sizeable European banking consolidation than a few months ago because bank bosses were growing increasingly nervous about the time needed to execute deals. Orcel thrust his bank into two M&A situations last year by acquiring up to 30% in Germany's Commerzbank and bidding for Italian peer Banco BPM, heightening expectations for a wave of dealmaking across the region. The dealmaker-turned-CEO told an event in London that it would be at least a year before he had turned his initial 9% stake - announced in September last year - in Commerzbank into a 30% holding, and nine months before UniCredit had decided whether to proceed with its bid for BPM. "This is a long time, this is a lot of uncertainty," he told the Morgan Stanley European Financials Conference in London. Unless European authorities made strong signals about progress on a European banking union, cross-border M&A was unlikely and even large domestic consolidation, he added. "I am less positive than I was at the end of last year, on people doing things in size," he said. UniCredit received approval from the European Central Bank last week to buy up to 30% in Commerzbank, and that it would likely wait until 2026 before taking a decision on pursuing a full takeover. Orcel said on Wednesday the lender must now wait for approvals from German anti-trust authorities, which could take months, and to engage with a new German government, before deciding whether to convert derivatives positions it holds into shares. "It is difficult to see how we can be on the other side of things before September or October," he said. Orcel also told the event that UniCredit could increase its investment into its German business because the fiscal spending announced in the country Germany's prospects. Sign in to access your portfolio
Bloomberg
18-03-2025
- Business
- Bloomberg
Mediobanca CEO Says Paschi Bid Would Lead to Earnings Dilution
Mediobanca SpA Chief Executive Officer Alberto Nagel rebuffed Banca Monte dei Paschi di Siena SpA 's takeover bid saying it would dilute earnings per share and dividends of the combined entity. A combination with Monte Paschi would result in 'a transaction that is not positive for us, not positive for Monte Paschi shareholders,' Nagel said at the Morgan Stanley European Financials Conference in London on Tuesday, flagging an estimated 'double-digit' impact on EPS.
