MILAN (Reuters) – Insurer Unipol has no plans to own more than 20% of BPER after the proposed merger of the Italian bank with rival Banca Popolare di Sondrio, Unipol Chief Executive Matteo Laterza said.
BPER last week launched a 4.3 billion euro ($4.5 billion) all-share takeover bid for smaller peer Popolare di Sondrio offering 29 new BPER shares for every 20 shares tendered.
Unipol, Italy’s second biggest insurer, is the main shareholder in both banks with a near 20% equity stake in each.
Speaking to analysts after Unipol published its full-year results, Laterza described a scenario in which Unipol might find itself holding more than 20% in BPER because the take-up of its bid among Popolare di Sondrio investors fails to reach 100%.
Should this occur, Unipol would reduce its stake as swiftly as possible, because surpassing a 20% ownership threshold in a bank requires European Central Bank approval and Laterza said that seeking that green light “is not an option on the table.”
Given the shareholding structure, with Unipol a leading investor in both banks, the bid would give BPER control with as little as 35% of Popolare di Sondrio plus one share.
Unipol on Friday said it backed BPER’s offer for Popolare di Sondrio.
The merger will strengthen their positions in Italy’s fast-consolidating banking market, and it will have a positive impact on the commercial partnerships both banks have with the insurer, Unipol said.($1 = 0.9524 euros)
(Reporting by Andrea Mandalà, editing by Valentina Za)
