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    BPE   IT0000066123

BPER BANCA S.P.A.

(BPE)
  Report
Real-time Estimate Cboe Europe  -  07:05 2022-11-29 am EST
1.961 EUR   +0.49%
11/28Elliott-backed Gardant clinches bad loan venture with Italy's BPER
RE
11/07Bper banca ceo: we do not expect further cost impacts from carig…
RE
11/07Bper banca ceo sees 2023 revenues above 1 billion…
RE
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Shares in BPER Banca Rise After It Makes Nonbinding Bid for Troubled Rival

12/15/2021 | 04:05am EST

By Cristina Roca

Shares in BPER Banca SpA traded sharply higher Wednesday morning after the bank said it submitted a nonbinding offer for smaller rival Banca Carige SpA.

The Modena, Italy-based bank said late Tuesday that it proposes buying 88.3% of Carige's shares for a consideration of one euro ($1.13) from the country's deposit-guarantee fund, FITD, and Cassa Centrale Banca. BPER will pursue a deal that doesn't affect its capital position and significantly boosts its earnings per share starting as early as 2023, the bank said.

BPER would then launch a public purchase offer of EUR0.80 a share for the remaining shares. The EUR0.80 price represents a premium of 29% over Carige's closing price as of Dec. 13, BPER said.

At GMT 0824, shares in BPER traded 7.2% higher at EUR1.88. Shares in Carige jumped 17% to EUR0.78.

Italy has been trying to reprivatize Carige. FITD rescued the troubled lender in 2019 and holds 80% of its shares. Cassa Centrale Banca holds a 8.3% stake.

"The transaction would additionally make it possible to definitively resolve Carige's issues," BPER said.

In its offer, the bank proposed that FITD makes a capital contribution of EUR1 billion to Carige before closing of the deal.

The financial terms of the deal look attractive for BPER, and would help it grow its customer base by around 20%, Citi analysts said.

The offer will lapse if FITD doesn't grant BPER an exclusivity period by Dec. 20, or if the parties don't enter into a binding memorandum of understanding by Dec. 31.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

12-15-21 0405ET

Stocks mentioned in the article
ChangeLast1st jan.
BPER BANCA S.P.A. 0.28% 1.957 Delayed Quote.7.05%
All news about BPER BANCA S.P.A.
11/28Elliott-backed Gardant clinches bad loan venture with Italy's BPER
RE
11/07Bper banca ceo: we do not expect further cost impacts from carig…
RE
11/07Bper banca ceo sees 2023 revenues above 1 billion…
RE
11/07Italy's Bper beats estimates for Q3 profit helped by higher rates, fees
RE
11/07BPER Banca SpA Reports Earnings Results for the Third Quarter and Nine Months Ended Sep..
CI
11/07BPER Banca SpA Reports Earnings Results for the Third Quarter and Nine Months Ended Sep..
CI
11/01Fire Group S.P.A. acquired Portfolio of UTP loans of BPER Banca.
CI
10/18Italy Ready to Resume Takeover Talks for Monte Paschi
MT
10/18Monte dei Paschi's M&A challenge looms as share sale starts
RE
10/18Italian State-backed Enel Said in Talks for $16 Billion Loan Amid Energy Crisis
MT
More news
Analyst Recommendations on BPER BANCA S.P.A.
More recommendations
Financials
Sales 2022 3 856 M 4 005 M 4 005 M
Net income 2022 1 688 M 1 753 M 1 753 M
Net Debt 2022 - - -
P/E ratio 2022 1,76x
Yield 2022 5,37%
Capitalization 2 756 M 2 862 M 2 862 M
Capi. / Sales 2022 0,71x
Capi. / Sales 2023 0,65x
Nbr of Employees 21 025
Free-Float 69,6%
Chart BPER BANCA S.P.A.
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BPER Banca S.p.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends BPER BANCA S.P.A.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 1,95 €
Average target price 2,64 €
Spread / Average Target 35,5%
EPS Revisions
Managers and Directors
Piero Luigi Montani Chief Executive Officer & Director
Flavia Mazzarella Chairman
Marisa Pappalardo Independent Non-Executive Director
Silvia Elisabetta Candini Independent Non-Executive Director
Elena Beccalli Independent Non-Executive Director
Sector and Competitors