Italy’s Banco Popolare has failed to achieve the 90 percent
threshold for Banca Italease’s shares and is to reopen the bid
period for its buyout offer.
The Italian banking group launched its offer earlier this year
to acquire the 70 percent of Banca Italease it still doesn’t
own.
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On July 1, at the end of the offer period set in March, Banco
Popolare had reached 84.4 percent of Banca Italeas’s shares, not
meeting the 90 percent target which was conditional to the offer
becoming effective.
The Italian cooperative bank has said it will reopen the bid
period from 9 to 15 July, keeping the bid price of €1.50 per
share.
It plans to delist Banca Italease from the Italian stock
exchange and begin a restructuring of the troubled lessor.
Antonio Fabrizio
