Table of Contents:
The green light of Antritrust
Recently, the Competition and Market Authority gave its consent to the voluntary public takeover bid (takeover bid) launched by Banco BPM on Anima Holding. This fundamental step was announced by the banking institution, which emphasized that the condition of effectiveness of the transaction was considered fulfilled. The resolution of the AGCM came after the unconditional approval of the purchase of control of Anima, a step that marks an important evolution in the asset management landscape in
Italy.
Details of the operation
Banco BPM, through its subsidiary Banco BPM Vita, announced its intention to acquire all of the common shares of Anima, with the aim of delisting the company from Piazza Affari. The proposed price for the transaction is 6.20 euros per share, a value that implies a 35% premium compared to the average prices of the last twelve months. However, the transaction is subject to the achievement of at least 66.67% of Anima’s capital and the confirmation of the possibility of applying the regulatory treatment of the Danish Compromise
.
Strategic implications for Banco BPM
This acquisition is part of Banco BPM’s 2023-2026 Strategic Plan, which aims to strengthen its position in the asset management and life insurance market. The transaction is seen as an opportunity to create a ‘national champion’ in the sector, with total assets of about 220 billion euros. In addition, the impact of commissions on interest margin and service income is expected to increase from 37% to more than 45%, contributing to a significant increase in group revenues
.
The market context
Anima Holding is currently the largest independent managed savings group in Italy, with assets under management of about 200 billion euros and more than one million customers. Recently, entrepreneur Francesco Caltagirone increased his stake in Anima, bringing it to 5.292%. This development highlights the growing interest in the company and its strategic position in the market. Anyone who wishes to acquire Anima will now have to negotiate with the main shareholders, including Banco BPM, Poste Italiane and the FSI fund, which together control
49.4% of the capital.
