Under the new agreement it serves for Ca ‘de Sass to meet the Antitrust findings and get a green light from theauthority operation, the number of branches has been increased from 400-500 to 532. It is also expected that the additional jobs that will be purchased (4.5 billion euros) will be represented only by credits performing, while in the original perimeter Bper also purchased the Npe existing at the closing date.
“It is finally expected a slight revision of the multiple at which the branches are assessed (-2%) considering that, according to our calculations, the multiple that will be recognized by Bper drops from 0.34 times to 0.33 times the common equity Tier1“he writes Equita Sim, according to which “the supplementary agreement should facilitate obtaining a favorable response from the Antitrust authority“.
Also Kepler Cheuvreux which indicates that this is positive news both for Bper (thanks to the better price and greater economies of scale) and for Intesa Sanpaolo (confirmed the rating buy on both titles, the review increases the probability for the bank operation led by Carlo Messina, under the industrial direction of Mediobanca, of obtain Antitrust approval.
According to rumors, the offer could then be launched by July, given that by today Intesa should submit, also on the basis of the supplementary agreement, new information to the Antitrust Authority which should close the preliminary phase of the authorization process by June 18. The purchase perimeter of the branches has been expanded and consequently is the amount of the capital increase of the institute based in Reggio Emilia led by Alessandro Vandelli and which among its shareholders has UnipolSai also slightly increased.
Based on the calculations of Equity, advisor of Intesa in the transaction, “the price paid by Bper considering a purchase of 532 branches (compared to the 450 that we originally assumed) should increase by approximately 100 million to 582 million: the size of the capital increase, which in management’s intentions should be approximately 500 million (within the scope of a delegation of up to one billion) should in our opinion be substantially confirmed.
But, according to some rumors, in Reggio Emilia, assisted by Rothschild & Co., BofA Securities is Citigroup as financial advisors and by Chiomenti law firm as advisor legal, the request for money from members goes up in one range between 600 and 700 million. However, this request is also tied to certain market conditions and the estimated amount may undergo further changes. If the operation goes through, the Emilian group would become the fifth in Italy for total assets and the third for the number of branches and deposits.