MILAN (Reuters) – Italy’s national post office Poste Italiane on Monday said it would tender its 12% stake in Anima Holding under a buyout offer launched by Banco BPM, provided the latter increases the bid’s value.
Banco BPM in November launched a 1.6-billion-euro ($1.65 billion) offer to buy out other investors in Anima – shortly before becoming itself the target of a takeover bid by UniCredit.
Banco BPM already owns nearly a quarter of Anima, making it the main shareholder in the fund manager.
Shares in Anima closed at 6.99 euros each on Monday, well above the 6.2 euros which Banco BPM has offered.
Any increase of the price, however, must be put to a shareholder vote, because of a so-called ‘passivity rule’ triggered by UniCredit’s takeover offer, which BPM is trying to resist.
Poste said its board had decided to write to BPM a letter binding the state-backed group to tender its Anima stake, provided Banco BPM’s shareholders approve an increase in the bid’s price to reflect current market prices.
($1 = 0.9698 euros)
(Reporting by Valentina Za, editing by Alvise Armellini)
