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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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Delayed Japan Exchange  -  02:00 2022-06-27 am EDT
5418.00 JPY   +3.71%
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Gardant teams up with AMCO in race for BPER's NPL unit-sources

05/20/2022 | 11:46am EDT

MILAN, May 20 (Reuters) - Elliott-backed Italian bad loan specialist Gardant has teamed up with state-owned rival AMCO in the race to secure the bad loan business put up for sale by Italy's fifth-largest bank BPER Banca, three sources with knowledge of the matter said.

Bids for BPER's bad loan recovery unit and a bad loan portfolio the bank will offload with the management unit are due in a couple of weeks, one of the sources said. A separate source said the portfolio could be of a total size of 2.5 billion euros ($2.6 billion).

Gardant is one of four major players on the Italian non-performing loan market BPER has invited to bid, two of the sources said, adding the other suitors were Sweden's Intrum , SofBank-backed doValue and Prelios, which is owned by U.S. fund Davidson Kempner.

A spokesperson for Intrum declined to comment on specific transactions but said "as Europe's market leading credit management servicer, it is part of our ongoing business to regularly monitor different opportunities across our markets."

None of the other parties had a comment.

BPER follows in the tracks of other main Italian banks which in recent years have parted ways with their loan management businesses, using the capital gain on the unit's sale to offset the hit from the parallel disposal of a large bad loan portfolio.

BPER said on Friday it will unveil a new business plan on June 10.

Fully-owned by Italy's Treasury, AMCO benefits from a lower cost of funding than rivals, which gives it an advantage when bidding for bad loan portfolios. ($1 = 0.9485 euros) (Reporting by Valentina Za Editing by Keith Weir)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BPER BANCA S.P.A. -0.95% 1.668 Delayed Quote.-7.62%
DOVALUE S.P.A. 2.00% 6.13 Delayed Quote.-28.37%
INTRUM AB (PUBL) 2.96% 204.7 Delayed Quote.-14.74%
SOFTBANK GROUP CORP. 3.71% 5418 Delayed Quote.-3.86%
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Financials
Sales 2022 6 171 B 45 677 M 45 677 M
Net income 2022 728 B 5 386 M 5 386 M
Net Debt 2022 16 223 B 120 B 120 B
P/E ratio 2022 12,1x
Yield 2022 0,84%
Capitalization 8 396 B 62 143 M 62 143 M
EV / Sales 2022 3,99x
EV / Sales 2023 4,15x
Nbr of Employees 58 786
Free-Float 65,4%
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Number of Analysts 17
Last Close Price 5 224,00 JPY
Average target price 7 558,24 JPY
Spread / Average Target 44,7%
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Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
Yutaka Matsuo Independent Outside Director
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