Italy's illimity says Ifis bid was not solicited, to press on with plans
10/01/2025 21:57
MILAN, Jan 10 (Reuters) - Italian digital bank illimity
ILTY.MI said on Friday a buyout offer launched this week by
rival specialty lender Banca Ifis IF.MI had come as a
surprise, and would not alter its existing plans.
"It should be noted that the offer has not been solicited or
previously agreed with illimity," it said in a statement.
Illimity, founded by veteran banker Corrado Passera with
backing from former Barclays CEO Bob Diamond, said it would
press on with preparing a new business plan and assess any
strategic options that could create value for stakeholders.
Ifis on Wednesday made a 298 million-euro ($309 million)
share-and-cash offer for illimity.
The bid proposal steps up the pace of consolidation in
Italian banking, and reflects an increasing tendency toward
unsolicited offers, which were traditionally rare in the finance
industry.
Italy's No. 2 lender, UniCredit CRDI.MI , has made a bid
for smaller rival Banco BPM BAMI.MI , which has rejected the
approach as a way to thwart its own bid for fund manager Anima
Holding ANIM.MI .
(Reporting by Valentina Za in Milan
Editing by Matthew Lewis)
((valentina.za@thomsonreuters.com; +39 02 6612 9526;))