Having reached the halfway point, Banco BPM also confirmed its decline again, but recovering from its lows, in line with the movement of the Ftse Mib.

Banco BPM still down, but recovering from the lows

The stock, after losing about one and a half percentage points yesterday, loses ground for the third session in a row today.
In the last few minutes, Banco BPM has reached € 2.705, with a decrease of 0.33% and over 3.6 million shares changed hands so far, against the average of the last 30 days of around 10 million.

Banco BPM ends up in the spotlight after indications from the Revenue Agency that have brought the M&A issue back to the fore.

Banco BPM: news from the Revenue Agency on DTA

A resolution of the Revenue Agency provided some clarifications regarding the rules for transforming DTAs into tax credits following a merger operation.

In summary, the document confirms how it is possible to apply the conversion of DTAs into tax credits even in the case of two different operations announced separately, and not only jointly, as long as the resulting overall benefit is the same as that which would be obtained in the case of a deal. to 3.

Equita SIM analysts recall that on the basis of the current rule, the operations must be announced by 31 December 2021, however the effects of this interpretation could be relevant if the DTA rule is also extended to 2022.

Banco BPM: a wedding with Unicredit and Banca MPS? Equita’s view

Based on this interpretation, if Unicredit closes the acquisition of Banca Monte Paschi, it could subsequently close a deal with Banco BPM, benefiting from the conversion of a total DTA for approximately 5 billion euros.

Equita SIM analysts therefore see a positive reading for Banco BPM, as it increases its speculative appeal at the margin.

According to what reported by Il Sole 24 Ore, the clarification to the Revenue Agency would have been requested by the FITD, from March in search of the buyer of the controlling stake, equal to 80%, of Banca Carige.

The latter would bring about 400 million euros of DTAs immediately convertible in the event of acquisition, and according to the newspaper, could be the subject of interest by Credit Agricole Italia, after the acquisition of Credito Valtellinese completed this year.

Pending news, Equita SIM maintains a bullish view on Banco BPM, with a “buy” recommendation and a target price of 3.1 euros.

Banco BPM: tight deadlines for aggregation to 3 by the end of the year

According to Intesa Sanpaolo analysts, the indications from the Revenue Agency could raise the expectation for a potential 3-way deal: Unicredit, Banco BPM and Banca Monte Paschi.

However, times are tight given that everything should be approved by the end of the year to benefit from the possibility of transforming DTAs into tax credits.

However, it cannot be ruled out that the benefit may also be extended to 2022 and this would make a three-party operation that also involves Banco BPM more feasible.

Banco BPM: Bestinver’s view

Finally, for Bestinver experts, it is not so obvious that Unicedit can pay some premiums to Banco BPM on the use of its DTAs: these are already in the balance sheet of the bank led by Orcel, even if they would become usable thanks to a merger between the two. Milanese banks.

Trend-online Deputy Director, born in 1978.
After completing his studies at the Classical High School “Antonio Calamo” of Ostuni I entered the world of economics.
For about twenty years I have been dealing with Stock Exchange and Finance. After having worked as a financial promoter for several years, in 2005 I joined the Trend-online team as an editor, to later become deputy director of the cylinder head. Among other countless activities, I take care of maintaining relationships with all the experts, analysts and traders, consulted daily by Trend-online.

My motto is? “Life is like a mirror, if you look at it smiling it will smile at you”.

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