Italy's Unipol launches offer to buy 10.2% of Popolare di Sondrio

UnipolSai Assicurazioni SpA

27/09/2023 17:48

MILAN, Sept 27 (Reuters) - Italian financial group
Unipol  US.MI  has started the process to buy another 10.2% of
Popolare di Sondrio  BPSI.MI , it said on Wednesday, tightening
its grip on the regional lender.
    Unipol said it had hired Equita SIM and Mediobanca to launch
a reverse accelerated bookbuilding process and buy Popolare di
Sondrio shares at a price no higher than 5.1 euros each.
    Shares in Popolare di Sondrio ended the session at 4.902
euros, meaning Unipol is offering a 4% premium to that closing
price.
    While the offer is conditional on Unipol acquiring 10.2% of
the bank, the group said it reserved the right to accept a
smaller stake.
    Unipol already owns 9.5% of Popolare di Sondrio through its
UnipolSAI  US.MI  unit, which Italy's second largest insurer.
    It has gained European Central Bank authorisation to cross
the 10% threshold and get to 19.99%, it added.
    "The stake increase will allow Unipol to strengthen the ...
insurance partnership with Popolare di Sondrio ... render the
bank's shareholder base more stable to better pursue its ...
goals and support its evolution in line with the best market
practices," it said.
    Unipol is also the top shareholder in mid-sized bank BPER
Banca  EMII.MI .
    Long seen as an attractive takeover target, Popolare di
Sondrio has been the last large cooperative bank in Italy to
ditch the cooperative status that shielded it from potential
takeovers, finally complying with a government reform after
losing a court battle to oppose the change.
    Unipol's stakebuilding in Popolare di Sondrio has long
stoked speculation of a potential eventual tie-up between
Popolare di Sondrio and BPER.    

 (Reporting by Valentina Za; Editing by Emelia Sithole-Matarise)
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;))