Banking risk still in the crosshairs, Bpm rises as it awaits the outcome of the Tar appeal

(Il Sole 24 Ore Radiocor)-Banking risk is still in the spotlight at Piazza Affari, with investors monitoring developments on the various open fronts on a positive day for the sector and European stock markets in general.

As regards the transaction Unicredit -Banco Bpm, theTar of Lazio will discuss on 10 June the appeal filed by the institute led by Giuseppe Castagna to obtain the suspension of Consob's decision that froze for 30 days UniCredit's offer on the institution of Piazza Meda. According to press rumours, the hearing has been scheduled in the first useful council chamber after Banco Bpm submitted an appeal to the monocratic judge, which was rejected. UniCredit, too, has reportedly lodged an appeal with the TAR, for which no date is yet known, regarding two specific matters related to the Golden Power exercised on its offer on Piazza Meda, namely the reason for its use on a transaction between two Italian banks and the prescriptions imposed, such as the exit from Russia. The government, however, would seem to regard the prescriptions as non-negotiable. According to Intermonte analysts, 'the appeals to the TAR, and specifically the Banco Bpm hearing on 10 June, will be decisive in understanding whether or not UniCredit will continue with the offer'. At the moment UniCredit is among the best in the sector, while Banco Bpm is up one percentage point, so that the exchange ratio is at 0.174 against the 0.166 proposed for the transaction.

Focus also on Banca Pop Er for and Banca Pop Sondr after the EU Commission decided last week not to launch an in-depth investigation, thus authorising the public exchange offer announced by Bper for all the shares of Sondrio: a point in favour of the operation, at a time when doubts hover over the success of the other large aggregations. In addition to the aforementioned UniCredit-Banco Bpm deal, the market is also watching developments in the takeover bid launched by Banca Mps on Mediobanca , a transaction made more complicated by the Milanese institution's move to launch in turn a public exchange offer on Banca Banca Generali , offering in exchange its own stake in Generali . The latter transaction is viewed favourably by the CEO of Banca Generali, Gian Maria Mossa, who reiterated today at the Assoreti Forum that the deal may make industrial sense.