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Deal worth 200 million between Bper and Unipol

09 February, Milano Finanza

The potential integration of Bper by Unipol has been rumoured for a long time while waiting for the completion of the acquisition of the banking asset. Now, Unipol is ready to complete the last step for the integration, aiming at strengthening its position in Bper, which had acquired Unipol Banca in the meantime.

“We’ve got an extension from the ECB for an adequate amount of time. We intend reaching 20% of Bper”, commented Unipol Ceo Carlo Cimbri. “We’ll check the business plan. Unless Bper declares its intention to turn itself into a leisure centre, we’ll definitely increase our share”, he added. The news made the stocks rise last Friday on Piazza Affari, reporting the best performance of the market (+8.33%). “We see ourselves as long-term shareholders. We seek a long-lasting and stable alliance and possible partnerships with Bper concerning clients and products. At the same time, we’ll support the bank in any project aimed at developing the Italian banking sector”. This double alliance also implies that “the brand Unipol Banca will disappear. All the Bper branches will sell Arca products, our bancassurance subsidiary which also provides products to Popolare di Sondrio. There won’t be any other distribution agreements. We’ll evaluate additional agreements if they’re convenient for both of us, and I think Bper Ceo Vandelli would agree with me”, commented Cimbri.

The Bank guided by Vandelli offered 220 million, although the market estimates were for 260-280 million. The advisors Citi and Barclays were the advisors for Bper, while Rothschild, Mediobanca, Credit Suisse and Prelios assisted Unipol. On Friday, Bper received all the common and preferred stock from the subsidiary Banco di Sardegna held by Fondazione di Sardegna. The transfer will take place upon the issuance by Bper Banca in favour of Fondazione di Sardegna of stocks amounting to 33 million euro, 180 million cash, and a convertible subordinate Additional Tier 1 instrument for a nominal value of 150 million issued by Bper at a subscription price of 180 million.

Source: Milano Finanza

Translator: Cristina Ambrosi