Banco BPM gets green light for Anima takeover

Banco BPM, the third-largest bank in Italy, has received the green light from the Italian Antitrust Authority to take full control of Anima Holding, the country's largest independent asset manager. This development emphasizes the growing pressure for consolidation in the asset management sector. Just a month ago, Banco BPM announced an offer of up to 1.6 billion euros to acquire the remaining shares of Anima through its insurance division, in which the bank currently holds a 22% stake. However, the plans were complicated by an unexpected, all-stock takeover offer from UniCredit for Banco BPM worth 10 billion euros. This offer triggered the so-called "passivity rule," which requires the management of the takeover target not to take any actions that could hinder the hostile offer unless the shareholders agree. Such approval would be necessary if Banco BPM wants to raise its bid for Anima. Since Banco BPM's announcement, Anima's shares have risen by about 15% and are now at 6.6 euros, which is above the 6.2 euros per share that Banco BPM intends to offer other investors.