B as banks - Marriage in sight for BPM and Monte Parma
Bpm: 156 million offer for 51% Monte Parma, will pay half in shares - 1
(Il Sole 24 Ore Thomson Financial) - Milan, Oct. 12 - The Banca Popolare di Milano offers 156 million to detect 51% of Banca Monte Parma Foundation, which controls the establishment of Emilia. The proposal, according to Thomson Financial results, is contained in the letter prepared by the board of directors this morning and sent to Parma.
The board has authorized the President Massimo Ponzellini to conclude the negotiations, with some conditions. The most notable is that 50% of the price must be paid in newly issued shares BPM solution which will limit the absorption of capital operation. The goal of BPM is in fact maintain the core tier 1 above the threshold of 7%.
Milan The institute also aims to draw up a shareholders' agreement setting out precisely the weight of the Fondazione Monte Parma in the future governance of the institution . BPM has also given the availability of sign per share after the acquisition of 51%, an increase in capital of Monte Parma for about 100 million, with a subscription price of new shares equal to the net book value of the bank. The total price of the transaction will result in a value of Monte Parma after the capital increase to a multiple of less than 1.6 times book value, the threshold above which BPM is not willing to go.
-Y-PPA
(Thomson Financial) 12-10-10 15:34:07 (0220) 3 NNNN news
Bpm: 156 million offer for 51% Monte Parma, will pay half in shares - 2
(Il Sole 24 Ore Thomson Financial) - Milan, Oct. 12 - During the Board of Directors of BPM, according to state financial sources, there have been objections and doubts about the project Monte Parma, and some advisers They asked Ponzellini a chance to review a reduction of the purchase price. The amount, however, may be subject to revision, only to fall, when due diligence. Given the unusual timing of the board of BPM, convened at 10 o'clock this morning (usually takes place at afternoon), the letter may already be in Parma for a preliminary examination in the afternoon by the Institute of Emilia cda. In case of agreement on the conditions, the closing of the transaction will come soon and it is conceivable that the issue with the final text of the agreement, can be put to a vote on the Board of ordinary Bpm scheduled next Tuesday.
As it is crafted, one of the consequences of the project presented by BPM will be the entrance to the Fondazione Monte Parma in the capital of the institute in Milan. At current market price, 78 million (half of the offer for 51% of the bank Emilia) would correspond to about 22.4 million shares Bpm, 5.1% of the capital of the institution of Piazza Meda.
According to shareholders' pacts Monte Parma, also the other shareholders of the institution Emilia (primarily Banca Sella and the Foundation of Piacenza) may exercise the right of asking after also buying bpm their shares. Hypothesis that the bank would place Meda around 78% of Monte Parma. The Institute of Milan, according to reports, is prepared to discuss the issue, although of course the additional interest would be paid at a lower price than offered the Fondazione Monte Parma, which incorporates the majority of the premium.
-Y-PPA
(Thomson Financial) 12-10-10 16:42:35 (0251) 3 NNNN
BPM: Currency Board amazing deals on Monte Parma - 1
(Il Sole 24 Ore Thomson Financial) - Milan, 11 October - The board of Bpm will meet tomorrow (today for the reader, Ed) in special session to decide whether or not, and under what terms, an offer to the shareholders of Banca Monte Parma . Lo riferiscono fonti finanziarie. Domani (oggi per chi legge, NdR) é in calendario anche un cda dello stesso istituto parmense: il board era previsto da tempo, ma non é escluso che l'eventuale proposta di Bpm possa essere esaminata se i tempi e la posizione della Fondazione Monte Parma (azionista di maggioranza della banca) lo consentiranno.
Ppa-
(RADIOCOR) 11-10-10 17:05:45 (0272) 5 NNNN
Bpm: CdA straordinario valuta offerta su Monte Parma - 2
(Il Sole 24 Ore Thomson Financial) - Milan, 11 October - The contacts between the leaders of BPM and the shareholders of Monte Parma have intensified in recent weeks, and already last Tuesday President Massimo Ponzellini had informed the board one last round of meetings would lead to the final decision. For Monte Parma, which initiated the search for an industrial partner at the instigation of the Bank of Italy, the situation could then unlock after the Foundation had been trying for months for a solution that would enable it to maintain a majority institution, exploring the market in search of allies willing to enter with a market share of approximately 30%. This strategy has not led a risultati tanto che, secondo alcune fonti, l'ente potrebbe aver ormai deciso di rivedere i propri piani. Bpm, d'altra parte, come annunciato dallo stesso Ponzellini, fin dall'inizio puntava a chiudere un'operazione che le consentisse, magari anche attraverso la sottoscrizione dell'aumento di capitale messo in cantiere per rafforzare la situazione patrimoniale di Monte Parma, di raggiungere almeno in prospettiva la maggioranza della banca parmense.
Ppa-
(RADIOCOR) 11-10-10 17:53:16 (0303) 5 NNNN
Monte Parma: The Foundation breaks down the delay, ready to give up 51% - 1
(Il Sole 24 Ore Radiocor) Rome 11 Oct - The Foundation of Monte di Parma is ready to sell a majority of Banca Monte Parma. The institution, according to Thomson Financial is, has decided to sell 51% of the institute, a move that made can get the negotiations under way with Banca Popolare di Milano. For tomorrow (today for the reader, Ed) Milan Institute convened an extraordinary board of directors to assess the submission of an offer to the Foundation and other members of reference. Given the sensitivity of the situation, meanwhile, Monte Parma postponed the establishment of the terms of the expected increase in capital of 120 million, which will only take account of the ongoing negotiations.
ggz-PPA-
(Thomson Financial) 11-10-10 18:58:41 (0336) 3 NNNN news
Monte Parma: Fondazione break the inertia, ready to give up 51% - 2
(Il Sole 24 Ore Thomson Financial) - Rome, Oct 11 - That the Foundation's financial sources explained, is a hard decision taken by the astute diplomatic Carlo Salvatori , Long-time banker and a proven ability who, with his authority, he convinced the sull'ineluttabilità institution of choice, particularly given the inability to sign personally the necessary recapitalization. The purchase of a majority of the institution which has 12% market share in the rich Parma is still likely to become an operation of importance to potential buyers. The shareholders' agreements entered into with the minority shareholders Banca Sella and Foundation Piacenza fact offer them the right below in the supply covered by the new majority shareholder must be able to detect 78%.
He is now Bain, advisor appointed by the Foundation, taking up the thread of contacts made by Imi Bank, a consultant who had already moved on behalf of the bank in search of a "white knight" in response to the letter last address the Bank of Italy the board of directors to ask for the swift recapitalization. If tomorrow (today for the reader, Ed) Bpm choose to make an offer and if the proposal is deemed adequate, the story you can close at very short notice.
GGZ
(Thomson Financial) 11-10-10 19:21:55 (0350) 3 NNNN
0 comments:
Post a Comment