Economic news

Italy’s Banco BPM bids for asset manager Anima, lifting shares in both

2024.11.07 04:39

By Valentina Za and Andrea Mandala

MILAN (Reuters) – A bid by Italy’s third-largest bank Banco BPM to acquire full control of Anima Holding drove shares in the fund manager nearly 9% higher on Thursday.

Banco BPM said late on Wednesday that it would make the 1.6 billion euro ($1.7 billion) bid through its insurance business, which allows it to minimise the use of capital thanks to favourable rules known in the industry as ‘Danish compromise’.

“A smart move on a smart company,” Deutsche Bank (ETR:) said in a note, adding the impact on capital and returns was also “smart”.

The proposed deal, which will prop up Banco BPM’s revenues in the face of declining interest rates, is the latest sign of pressure to consolidate in the savings management industry.

Banco BPM’s shares rose 7.8% after CEO Giuseppe Castagna said the deal would not impair the lender’s ability to use excess capital to reward its shareholders.

Shares in Anima, in which Banco BPM is already the biggest shareholder with a 22.3% stake, rose 8.9% to 6.255%, just above the 6.2 euros a share the bank is offering other investors.

Anima also partners with state-owned Monte dei Paschi di Siena.

© Reuters. FILE PHOTO: A view of headquarters of the Italian asset manager Anima Holding in Milan, Italy February 15, 2023. REUTERS/Valentina Za/File Photo

Bankers and analysts had predicted a swoop by BNP Paribas (OTC:) to buy the asset manager of insurer AXA would encourage more banks to use their insurance arm to buy fund managers and take advantage of favourable capital rules.

($1 = 0.9290 euros)



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,643.43 0.54%
ethereum
Ethereum (ETH) $ 3,475.06 2.01%
tether
Tether (USDT) $ 1.00 0.10%
solana
Solana (SOL) $ 255.68 0.50%
bnb
BNB (BNB) $ 674.16 0.56%
xrp
XRP (XRP) $ 1.51 4.63%
dogecoin
Dogecoin (DOGE) $ 0.435446 1.00%
usd-coin
USDC (USDC) $ 0.999798 0.07%
cardano
Cardano (ADA) $ 1.06 1.65%
staked-ether
Lido Staked Ether (STETH) $ 3,479.92 2.17%
avalanche-2
Avalanche (AVAX) $ 46.74 12.21%
tron
TRON (TRX) $ 0.211663 1.27%
stellar
Stellar (XLM) $ 0.53927 5.38%
the-open-network
Toncoin (TON) $ 6.23 0.82%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 1.04%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,093.46 1.48%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,431.37 0.48%
polkadot
Polkadot (DOT) $ 9.14 3.16%
chainlink
Chainlink (LINK) $ 18.59 6.91%
bitcoin-cash
Bitcoin Cash (BCH) $ 524.00 3.29%
weth
WETH (WETH) $ 3,473.58 2.09%
sui
Sui (SUI) $ 3.47 0.92%
pepe
Pepe (PEPE) $ 0.00002 0.43%
near
NEAR Protocol (NEAR) $ 6.90 5.59%
leo-token
LEO Token (LEO) $ 8.20 5.76%
litecoin
Litecoin (LTC) $ 98.45 1.06%
uniswap
Uniswap (UNI) $ 11.75 6.39%
aptos
Aptos (APT) $ 12.76 1.37%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,664.18 2.15%
internet-computer
Internet Computer (ICP) $ 12.29 6.73%
hedera-hashgraph
Hedera (HBAR) $ 0.147277 2.25%
usds
USDS (USDS) $ 1.00 0.03%
crypto-com-chain
Cronos (CRO) $ 0.192832 1.11%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.58235 2.40%
ethereum-classic
Ethereum Classic (ETC) $ 30.12 2.23%
render-token
Render (RENDER) $ 8.20 3.22%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.54 1.74%
bittensor
Bittensor (TAO) $ 537.44 0.32%
kaspa
Kaspa (KAS) $ 0.156641 2.66%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.16%
arbitrum
Arbitrum (ARB) $ 0.889458 2.35%
vechain
VeChain (VET) $ 0.044069 1.79%
bonk
Bonk (BONK) $ 0.000047 2.44%
whitebit
WhiteBIT Coin (WBT) $ 24.44 1.21%
filecoin
Filecoin (FIL) $ 5.79 0.71%
dai
Dai (DAI) $ 0.999161 0.14%
cosmos
Cosmos Hub (ATOM) $ 8.80 1.88%
celestia
Celestia (TIA) $ 8.05 11.62%
blockstack
Stacks (STX) $ 2.25 7.52%
okb
OKB (OKB) $ 56.15 0.90%