Italy’s Banco BPM has secured more than half of the capital of Anima Holding in its bid for the fund manager, Reuters calculations showed on Monday, thanks to the stake tendered by a leading Anima investor.
Italian businessman Francesco Gaetano Caltagirone on Monday said he was taking up Banco BPM’s bid and tendering his 5.8% holding in Anima.
Considering Banco BPM’s original 22% stake in the fund manager and commitments by other Anima investors, the take-up has now crossed the 50% threshold, Reuters calculations showed.
The bid is conditional on Banco BPM acquiring at least two thirds of the asset manager. However, Banco BPM has reserved the right to waive that condition if it achieves at least 45% of Anima plus one share.
Banco BPM’s acquisition of Anima is a key plank of the Italian mid-sized bank’s defence against a takeover proposal by bigger rival UniCredit.
In an effort to thwart UniCredit’s bid, Banco BPM has secured shareholder approval to raise to 7 euros ($7.8) the price of its offer for each Anima share, for an additional outlay of around 190 million euros.
Banco BPM, whose CEO Giuseppe Castagna met with leading official in Prime Minister Giorgia Meloni’s office in Rome on Monday, awaits this week a key communication from the European Central Bank on whether it can apply favourable bank capital rules to the Anima acquisition.
Castagna has said Banco BPM is confident of being granted the more favourable treatment which is known as ‘Danish Compromise.’
Banco BPM had already secured commitments from other Anima investors, including postal services operator Poste Italiane and private equity fund FSI, for a total of 22.8% of Anima’s capital.
