The smaller Italian lender had beforehand flagged “severe considerations” concerning the “employment and social impacts” of a possible merger.
As much as 6,000 jobs could possibly be misplaced if a takeover bid from Italian rival UniCredit is profitable, Banco BPM CEO Giuseppe Castagna has warned.
“Value synergies estimated by the bidder, equal to over a 3rd of Banco BPM’s price base are a degree of concern”, mentioned Castagna.
The potential job losses had been flagged in a letter despatched to workers – based on the Italian information company ANSA.
We’re “on the suitable path for rising on our personal, somewhat than turning into the item of operations that don’t keep in mind the worth expressed by our financial institution in the present day and, much more so, within the close to future”, Castagna additionally mentioned within the letter.
He added that Banco BPM has “a powerful vocation of closeness to the territories and to SMEs, the spine of our nation”.
Castagna’s feedback echo factors made in a press release issued by Banco BPM on Tuesday.
The smaller Italian lender mentioned that the UniCredit bid “doesn’t replicate in any means the profitability and additional potential to create worth for Banco BPM shareholders”.
The assertion got here after a board assembly on Tuesday, the place Banco BPM officers mentioned UniCredit’s provide from Monday.
The assembly adopted a shock provide from UniCredit by which it introduced it will provide 0.175 of its personal shares for every share in Banco BPM, valuing the inventory at €6.657 every.
Tuesday’s assertion went on to say that UniCredit’s provide was unsolicited, and it raised considerations concerning the “social impacts” of a merger, in addition to UniCredit’s enlargement in Germany.
UniCredit has been rising its stake in Germany’s Commerzbank, a transfer going through fierce opposition from Berlin.
A possible takeover would additionally complicate Banco BPM’s pursuit of asset supervisor Anima Holding because the financial institution’s technique would probably change.
Earlier this month, Banco BPM launched a €1.6bn provide to purchase Anima, in search of to diversify its income streams as rates of interest fall.