Banco BPM: Board meeting concluded; all eyes are on MPS for any signs
Banco BPM will continue to await any signs of interest from MPS regarding the proposal for a merger on equal terms, despite the fact that the 30.6 billion Intesa-Unipol deal is now on the table. Officially, as far as we are aware, no formal motion has been tabled at the Piazza Meda board meeting, but BPM’s senior management has reiterated its intention to wait for a concrete signal from MPS to at least assess the feasibility of a merger between the two institutions, even though the path ahead appears to be an uphill struggle and the issue of the ‘passivity rule’ remains (to which the Siena-based bank is subject following the launch of the public takeover bid by Ca’ de Sass).
The bank’s board meeting, which was the focus of market attention, began this morning at 10 am and concluded after more than five hours. On leaving, the board members remained tight-lipped as they filed out one by one from the bank’s Milan headquarters, although some of them reiterated that it had been a ‘routine’ board meeting.
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