![]() Suitors BPER, Credit Agricole Italia and Cerberus had all offered a token 1 euro and asked for cash to cover restructuring and clean-up costs.Īfter initially demanding a 1 billion euro capital injection, which FITD rejected because it topped the 700 million euros it could spend, BPER on Monday said it had cut the request to 530 million euros. ![]() Italian banks spent 600 million euros to salvage Carige through the FITD fund, which must now pump more money into it to offload it. They fell 10.6% in early trade on Tuesday to 0.7996 euros, triggering an automatic trading suspension.īPER, Italy's fifth-largest bank, was the favoured bidder, with the country's authorities keen on tie-ups between mid-tier lenders while some FITD members were wary of further expansion by Credit Agricole Italia, the largest foreign lender in the country.Ĭarige and bigger rival Monte dei Paschi di Siena (BMPS.MI) are the two main banking headaches stopping Italy from completing a restructuring started in 2015 that has cost healthy lenders more than 10 billion euros ($11 billion) in rescue aid.Īfter failing last year to sell state-owned Monte dei Paschi to heavyweight UniCredit (CRDI.MI), Italy has tabled 380 million euros in gross tax incentives to ease Carige's disposal.įollowing a meeting of its steering committee on Monday, the FITD fund that owns 80% of Carige said that BPER would have four weeks to study the target's financial data to agree on a sale no later than Feb. fund Cerberus, to negotiate a sale it hopes will end a seven-year crisis at the bank.Ĭarige shares had gained more than a third since mid-December on news of interest from BPER and Credit Agricole Italia, and were trading well above BPER's buyout offer price of 0.80 euros. ![]() MILAN, Jan 11 (Reuters) - Shares in Italian bank Carige (CRGI.MI) fell more than 10% on Tuesday after domestic rival BPER Banca (EMII.MI) secured exclusive rights to discuss an acquisition of the ailing lender.įITD, the Italian banking fund that has owned Carige since a 2019 rescue, picked BPER on Monday over rival bids from Credit Agricole Italia (CAGR.PA) and U.S. ![]()
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