Hardware Ready Ready to Bench?
The board of directors of Banco Bpm, which met in Milan on November 12, 2026, resolved to initiate feasibility studies regarding the merger proposed by Crédit Agricole Italia. The governing body granted a mandate to CEO Giuseppe Castagna to conduct negotiations concerning the integration of the French group’s Italian operations. The economic proposal advanced includes a 20% premium in the valuation of shares for the exchange ratio and the distribution of an extraordinary dividend.
Why it matters
The decision fits within the context of the existing holding by Crédit Agricole, which owns a 29.6% stake in Banco Bpm. The board highlighted that the potential merger would result in a substantial loss of competitive capacity for the current corporate structure. Consequently, the agreement was made conditional on the application of specific valuation criteria that take this aspect and the bank’s operational characteristics into account. According to reports by Il Sole 24 Ore Finanza, the new post-merger entity would remain listed in Milan, maintaining Banco Bpm as the center of gravity for the operation. CEO Giuseppe Castagna is confirmed at the helm of the bank by French leadership. To proceed with the integration without triggering a mandatory public tender offer, the transaction requires so-called whitewash, a procedure that necessitates shareholder consent at a general meeting.
The numbers
The economic proposal includes the distribution of an extraordinary dividend equal to 1 billion euros destined for current shareholders. According to reports by Il Sole 24 Ore Finanza, approximately 300 million euros of this amount would be allocated to Banque Verte, the holding company of the Crédit Agricole group that controls the Italian subsidiary; however, this specific allocation is not explicitly detailed in the company’s official press release. At the end of the operation, the stake held by Banque Verde would reach 45%. The premium offered for the exchange ratio stands at 20% compared to the current valuation of the shares.
What remains to be understood
Journalistic sources present slight discrepancies regarding the exact timing of the communications: while Il Sole 24 Ore Finanza and ANSA Economia date the board resolution to November 12, 2026, Repubblica Economia reports the approval of the start of negotiations on November 13, 2026. Furthermore, Banco Bpm has formally denied rumors that Crédit Agricole intended to sell its subsidiary Anima: the company stated that it is not Banco Bpm’s intention to sell it and that the news is unfounded. The final outcome of the negotiations regarding specific valuation criteria to compensate for the loss of competitive capacity is not yet defined.
Sources: Il Sole 24 Ore Finanza, ANSA Economia, FIRSTonline, Repubblica Economia.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
* Content created with the assistance of artificial intelligence systems.