Banca Generali

Okay, here’s a breakdown of the provided text, focusing on extracting the key information about the banking operations:

Overall Summary:

The text outlines a series of mergers, acquisitions, and attempted takeovers within the italian banking sector, primarily occurring between September 2024 and June 2025. It details the involved parties, the nature of the offers (public purchase offer, public exchange offer), and the current status or potential outcomes.

Detailed Breakdown of Operations (Chronological Order):

1. Unicredit enters the capital of Commerzbank (September 11, 2024):

Acquirer: Unicredit
Target: Commerzbank (German bank)
Action: Initially acquires a 9% share, aiming for 30% via derivatives.
Status: Criticized by the German government as “not kind and unacceptable.”

1. Banca Generali Compra Intermonte (September 16,2024):

Acquirer: Banca Generali
Target: Intermonte (financial advice and investment banking)
Action: Public purchase offer at €3.04 per share.
Status: Completed. Banca Generali exceeded 95% ownership and delisted Intermonte.

1. Banco BPM Purchase Anima (November 6, 2024):

Acquirer: Banco BPM
Target: Anima Holding (savings management company)
Action: Public purchase offer. Banco BPM was already a 22% shareholder.
Status: Completed. Banco BPM controls about 90% of Anima’s capital.

1. Unicredit attempts to climb Banco Bpm (November 25,2024):

Acquirer: Unicredit
Target: banco BPM
Action: Public exchange offer (0.175 new Unicredit shares for each Banco BPM share).
Status: Rejected by Banco BPM (deemed opposed). Government intervention via Golden Power imposed conditions. Offer frozen by Consob at Unicredit’s request. Fate uncertain as of June 23.

1. Banca IFIS focuses on Illimity (January 8, 2025):

Acquirer: Banca IFIS
Target: Illimity Bank
Action: Public exchange and purchase offer. Relaunched with a 5% cash premium (€0.1775 per share) if membership exceeds 90%.
Status: Adhesion period expires June 27.

1. Bper tries to take control of Sondrio (February 6,2025):

Acquirer: BPER Banca
Target: Banca Popolare di Sondrio
Action: Card offer against paper (1.45 new BPER shares for each Sondrio share).
status: Aims for absolute majority, with a minimum threshold of 35% for the offer to be effective. Offer ends July 11.

1. Monte dei Paschi is going on for Mediobanca (January 24, 2025):

Acquirer: Monte dei Paschi di siena (MPS)
target: mediobanca
Action: Public exchange offer (2.3 MPS shares for each Mediobanca share).
Status: Rejected by Mediobanca. ECB approval received. Offer coudl start between July 7-8 and continue until the end of August.

1. Mediobanca wants Banca Generali:

Acquirer: Mediobanca
Target: Banca generali
Action: Public exchange offer,using Mediobanca’s 13% stake in generali Insurance.
Status: Fate linked to an agreement with Generali Insurance (wich holds 50.6% of Banca Generali).

Key Players:

Unicredit
Banca Generali
Banco BPM
Banca IFIS
BPER Banca
Monte dei Paschi di Siena (MPS)
Mediobanca
Commerzbank
Illimity Bank
Banca Popolare di Sondrio
intermonte
Anima Holding
Generali Insurance

Public Purchase Offer (OPA): An offer to buy shares for cash.
public Exchange offer (OPS): an offer to exchange shares of one company for shares of another.
Card Offer against paper: An offer to exchange shares of one company for shares of another.

This summary should provide a clear and concise overview of the banking operations described in the text.