Italian bank Ifis launches $309 mln cash-and-share bid for illimity (updated)
08/01/2025 06:50
(Adds financial details, quote from controlling shareholder)
ROME, Jan 8 (Reuters) - Italy's Banca Ifis IF.MI said
on Wednesday it was launching a 298 million euro ($309 million)
exchange offer in cash and shares to take over rival specialty
lender illimity ILTY.MI .
The proposal is the latest sign of accelerating
consolidation in Italy's banking sector where heavyweight
UniCredit CRDI.MI has launched an all-share bid for smaller
peer Banco BPM BAMI.MI . BPM in turn is trying to buy fund
manager Anima Holding ANIM.MI .
Ifis will pay 14.14 euros in cash and a newly issued
share for every 10 illimity shares tendered, it said in a
statement.
That values each illimity share at 3.55 euros based on
Tuesday's closing prices, and amounts to a 5.8% premium, it
said.
The bank estimated benefits from the merger at around 75
million euros a year, before taxes.
Both Ifis and illimity specialise in financing small-
and medium-sized businesses, while they also have a
non-performing loan business.
Ifis estimated integration costs at 110 million euros,
which would be booked in 2025. The merged entity is expected to
have a pro-forma best-quality capital ratio above 14%.
Ifis' controlling shareholder La Scogliera, the holding
company of Italy's Furstenberg family which now holds 50.5% of
the bank, said it intended to maintain control of the group
following the offer.
"The goal is to create a European industrial player
capable of tackling the challenges posed by the banking market
with solidity and vision," Ernesto Furstenberg Fassio, Chief
Executive Officer of La Scogliera and President of Banca Ifis,
said in a separate statement.
($1 = 0.9656 euros)
(Reporting by Giulia Segreti, editing by Valentina Za)
((Giulia.Segreti@tr.com; +39.06.80307714;))