(Il Sole 24 Ore Radiocor) - Milano, 8 giu - Messina said he thought that Intesa would succeed in meeting a minimum bid threshold of two-thirds of the capital of BMPS "because I believe that all private investors will evaluate the transaction positively." He said that Intesa has "excellent relations with Delfin, Caltagirone and my expectation is that they can have a positive approach to this transaction." The Del Vecchio family holding company Delfin and an investment group owned by the Italian businessman Francesco Gaetano Caltagirone are the two largest shareholders in BMPS, with 17.5% and 10.3% stakes, respectively.

While Intesa's bid was not agreed upon with BMPS and a result could be considered as non-friendly by management, "it is friendy for shareholders," Messina claimed.

He said that the industrial plan being pursued by BMPS is not "easy" while the Siena bank's "governance structure has some complexity" and "there is also some complexity in the management team." Messina described a rival approach made to BMPS from the Italian bank Banco BPM as a "love letter." Banco BPM yesterday announced that it had asked BMPS to begin negotiations aimed at the creation of a merger of equals, but Messina noted that Banco BPM did not make a formal offer.

"Ours is an offer," he said.

Messina raised doubts that Banco BPM could see its deal go through, suggesting that the Italian government could block a transaction due to its so-called golden powers that give it a say in sectors considered to be strategic. French bank Credit Agricole is the largest shareholder in Banco BPM with a 20.1% holding.

And given that BMPS is now subject to the passivity rule in the wake of the Intesa offer, Messina noted that should Banco BPM's approach result in a concrete merger agreement that would need to be approved in an extraordinary BMPS meeting.

with a "significant majority."

(RADIOCOR) 08-06-26 14:39:36 (0433) 5 NNNN