Monday, May 23, 2005
Italian Banking acquisition speculation
Several foreign banks, including Barclays PLC and BNP Paribas, could be interested in launching a counterbid for Banca Nazionale del Lavoro SpA, the daily Il Giornale said without giving a source. Royal Bank of Scotland Group PLC and Deutsche Bank AG could be other possible purchasers of the Italian bank, it added. The possibility of an Italian white knight such as Unicredito Italiano SpA or Sanpaolo IMI SpA is less likely, according to the daily. Banco Bilbao Vizcaya Argentaria SA has already announced a 1-for-5 share swap for BNL. The daily added that a cash offer priced above 2.50 eur per BNL share coordinated with the insurance company Unipol-Compagnia Assicuratrice SpA could be successful. Unipol previously said it has asked for Bank of Italy authorisation to increase its stake in BNL to 10 pct from 1.97 pct currently
