Bper fills up in Sondrio, the Offer takes 80.7% of the bank's capital

Bper archived the takeover bid on Banca Popolare di Sondrio with a rounded result: the Emilia-based institution took home 80.7% of the capital of the Valtellina bank, the result of an acceptance of the offer equal to 80.62% of the shares put on the table and the 0.34% already in its portfolio. The 90% required for immediate delisting was not reached, but the substance does not change much: with more than two thirds of the capital in its pocket, Bper has secured full control of the extraordinary shareholders' meeting. Translated: governance in hand, firm helm and merger at hand.

The blow was already in the air with the closure of the first phase of the offer - 58.15% adhesions - but the reopening of the terms has given the decisive push, bringing in a dowry of a further 22% or so, which will be paid on 1 August. And from here a new chapter opens: Bper can now renew Pop Sondrio's board of directors, change its statute and set up an integration that in the plans will have to run fast.

In reality, the machine is already in motion. By exceeding 35% - the minimum threshold for the success of the Opas - and then 50%, Bper can say that it formally exercises management and coordination over the former popular bank of Lombardy. For this very reason, the first operational meetings began last week in Sondrio between the top management of the two banks. The posture that Bper intends to adopt in its entry into PopSo, however, should be 'soft', emphasises those close to the dossier: no tears, but a steady march to harmonise structures and processes, without losing the Valtellina bank's territorial roots.

A decisive factor in convincing the retail shareholders - around one third of the capital - was the move made at the beginning of July: to the paper component (1.45 Bper shares for each Sondrio share) was added a cash payment of 1 euro per share. A choice that changed the pace of the offer and unblocked a traditionally more cautious group of shareholders.

Satisfaction at Bper: CEO Gianni Franco Papa. With the Ops "we strengthen our position among the leading players in the sector in Italy" thanks to "more than 6 million customers, with more than 2,000 branches distributed widely and managing around 400 billion in financial assets. We are starting a new growth path that will significantly accelerate the achievement of the objectives of our business plan,' says the banker. The stated goal is to complete the delisting and complete the integration 'as quickly as possible', even without the immediate delisting.