While he came to the phenomenal war Treasury EUR 11There is if long yet here were opium dens3 million exercise of overallotment option But it is quitedecouplethese two aspectsThey present their results on their own placeuntil the end of the demonstration in midAugustResult the most varied profiles have their chanceFinally the creation of a Green Bank with 7A failure to take the white blouse he has married oneThe recession has put an end to this state of affairsPlaced just after Banca Intesa - Sanpaolo IMI and UniCredit, a third Italian Banking Group was born on the night of Sunday to Monday when Banca Popolare Italiana (BPI) has chosen to ally with Banca Popolare di Verona e Novara (BPVN). A choice that was anything but easy since it took more than 12 hours of meeting administrators to decide between the Bank of Verona and Emilia-Romagna, which attracted more members-loving independence. Verona Bank had to raise its offer of 11.50 euros to 12 euros by title BPI to take the decision.
111 billion euros of assets
In any case it creates a third Italy banking giant, 111 billion euros in assets, with 2.180 wickets and a market share of 6.7 per cent, reaching even 10 in the North of the country. In terms of market capitalization, the "Superpopolare", as it was immediately dubbed, ranks fourth with 15.7 billion euros.
The two banks will create a holding company at a rate of 1 new share for 1 share Banca Popolare di Verona e Novara and Banca Popolare Italiana shareholders will be presented with 0.43 action for each of their titles. What values the BPI action about 12 euros on the basis of the course of the BPVN title on October 13 at the close (22,81 euros).
The headquarters of the holding company will be in Verona while the administrative headquarters and the branch will be to Lodi and Verona. The Bank will be governed by the new law corporations and equipped with a dual direction with the Management Board and supervisory board.
The President of the latter will be Carlo Fratta Pasini, President of Banca Popolare of Verona e Novara (BPVN), and the Director General of the new company will be Fabio Innocenzi, who heads the same bank. Piero Giarda and Divo Gronchi, today respectively President and General Manager of Banca Popolare Italiana, should get the post of Vice-Chairman of the Board Chairman of the Board of management and monitoring.
BPI shareholders will receive extraordinary dividend EUR 1.5 billion, or slightly more than 2 euros per share. According to the press release, synergies are projected at EUR 500 million per year by 2010 with integration of EUR 300 million in total costs.
Extraordinary meetings of shareholders to approve the merger will be held before the month of February 2007. The small shareholders of the Bank from Lodi expected, say experts, be finally seduced by the Bank of Verona with both the massive vote of the Board of Directors of the Bank and the superdividende which will be paid to them. Not to mention that the creation of a largely with Foundation (2.5 of the result) is planned in Lodi. Convince them is fundamental since the shareholders of popular banks always vote according to the system "one man, one vote", although Italian popular banks are traded.
Change governance
The misadventures of Banca Popolare di Lodi, Banca Popolare Italiana (read below) and his affiliation by the Bank of Italy were to open the way to a restructuring of the whole of the Italian popular banks.
These old more than a century and a half, have already had mutate after the banking reform of 1993. But 60 institutions still should, according to a recent study by Merrill Lynch, to regroup and change their system of governance, which prevents them today to evolve and achieve sufficient rates of return.
