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Koffiekamer« Terug naar discussie overzicht

ABN Amro - Antonveneta

353 Posts
Pagina: «« 1 ... 6 7 8 9 10 ... 18 »» | Laatste | Omlaag ↓
  1. [verwijderd] 2 mei 2005 19:05
    quote:

    irene8 schreef:

    Wanneer zou De Bank het voor de overname opgehaalde geld gaan teruggeven aan de aandeelhouders, want een ander, buitenlands avontuur, lijkt mij
    niet de juiste beslissing op dit moment.
    Niet te hard roepen ;-)

    =FOCUS: ABN Amro Plays Down Plans For More Italian Jobs

    By Nicolas Parasie Of DOW JONES NEWSWIRES

    AMSTERDAM (Dow Jones)--ABN Amro's (ABN) attraction to Italy and its banking sector goes beyond the fight against Banca Popolare di Lodi SCARL (PLO) for control of Banca Antonveneta (NTV.MI).

    The Dutch bank maintains a 9% stake in Rome-based Capitalia Banking Group (CAP.MI), the fourth-largest banking institution in Italy with EUR155 billion in assets and about 6% of the retail bank business at the end of 2004.

    ABN Amro's frustration over its flagging plan to acquire Antonveneta has caused some analysts to suggest that it has an interest in building its position in Capitalia.

    Capitalia is the result of a combination of several Italian banks including Banca di Roma, which was the largest lender to Parmalat Finanziaria SpA and Cirio Finanziaria SpA - companies that collapsed because of fraud and accounting scandals.

    But Jochem van de Laarschot, an ABN Amro spokesperson, said that "nothing changes at Capitalia."

    The bank's stake in Capitalia is part of a shareholder pact that doesn't expire until October 2006. The pact makes it almost impossible for ABN Amro to act without the consent of all members of the shareholding group.

    "Until (the pact ends) it's simply not an issue," said analyst Sigrid Baas, an analyst at ING.

    "In the event ABN Amro's bid fails, it's maybe wiser for the bank not to undertake any immediate action," Baas said.

    ING rates shares of ABN Amro buy, and has a price target of EUR22.

    But ABN Amro ownership stake in Capitalia underscores the interconnected network of Italian corporate power, and the personal relationships that continue to make a pan-European cross-border deal in Italy a subject of political as well as investor concern.

    Capitalia Chairman Cesare Geronzi, who is regarded by many analysts who follow the sector as Italy's most powerful banker, is under indictment for allegedly giving false information to the Bank of Italy about the bank's loan book and about loans made to Parmalat, the scandal plagued diary enterprise which collapsed in 2003.

    Geronzi and Capitalia deny the accusations, though the court case continues.

    Geronzi started his career at Italy's central bank with Antonio Fazio, the current Bank of Italy governor, who is under fire from EU regulators over his go-slow approach to opening up Italy's bank sector to other European players.

    ABN Amro has asked for an investigation into why Fazio delayed in giving the Dutch bank approval to acquire more Antonveneta shares, while he gave quick approval to Italian bank Lodi.

    Fazio is noted to have approved some of the mergers and acquisitions that helped Geronzi build Capitalia.

    In 2003 Capitalia and Geronzi turned to Matteo Arpe, a former Lehman Brothers and Mediobanca executive, to run the bank and help repair Capitalia's poorly performing loan portfolio.

    In addition, Arpe has had to rebuild Capitalia's image among investors and customers, who were hurt by the collapse of their Parmalat investments.

    Capitalia had the largest outstanding exposure to Parmalat debt - about EUR393 million - and loaned money to Parmalat that may have been used to purchase Eurolat, a Rome-based milk company from Cirio, also supported by Capitalia loans.

    Calisto Tanzi, the founder of Parmalat, is awaiting sentencing after he was found guilty in connection to the fraud at Parmalat. Tanzi used to sit on the board of Banca di Roma, a bank controlled by Geronzi and subsequently folded into Capitalia.

    - By Nicolas Parasie, Dow Jones Newswires; nicolas.parasie@dowjones.com; 31 20 6260770

    (END) Dow Jones Newswires

    May 02, 2005 11:49 ET (15:49 GMT)
  2. [verwijderd] 3 mei 2005 00:21
    Inval bij Italiaanse bank Pop Lodi

    MILAAN De fiscale recherche in Italië
    heeft een inval gedaan bij de bank Pop
    Lodi.Die bank wil net als ABN Amro de
    Italiaanse bank Antonveneta overnemen.
    Beide banken zijn bezig hun belang in
    Antonveneta uit te breiden.

    De politie vermoedt dat Popolare Lodi
    gefraudeerd heeft bij het kopen van
    aandelen Antonveneta.De rechtbank van
    Milaan heeft opdracht gegeven tot de
    inval nadat een belanghebbende geklaagd
    had over Pop Lodi.

    Mogelijk is dat ABN Amro geweest.Vorige
    week klaagde die bank al dat het werd
    achtergesteld ten opzichte van Pop Lodi
    bij het kopen van aandelen Antonveneta.

  3. philby 3 mei 2005 17:21
    Zie hier een artikel dat vandaag in de FT verschijnt en beschrijft hoe amateuristische De Bank te werk is gegaan...

    Philby

    It was noble of ABN Amro to champion European cross-border consolidation by bidding for Italy's Antonveneta, but was it wise? The Dutch bank has so far been outmanoeuvred.

    ADVERTISEMENT

    It is just possible that intervention by courts, regulators or the European Commission, or a higher offer, could save the day. But if ABN fails, it can hardly claim that it was not warned. It knew it would face underhand tricks.

    ABN can argue it had little alternative. Barred in the past from raising its Antonveneta holding, facing expiry of the shareholder pact it led and stake-building by Popolare di Lodi, ABN had to defend its interests. Selling was not an easy alternative, given investor pressure for ABN to grow.

    That said, it has not played its hand well. It miscalculated shareholder support and failed to win many allies despite offering a generous price.

    Efforts to open up Italy are not dead yet. Spain's BBVA is still in the hunt. There was speculation ABN could bid for Capitalia, where it also has a stake. A shareholder pact limits its freedom there. Even if it did not, the Dutch bank would surely have to prepare the ground far better.
  4. philby 4 mei 2005 22:44
    Ook ABN Amro wordt nu onderzocht door Consob of DE BANK zijn recente aankopen van Antonveneta aandelen niet aan koersen BOVEN het bod van 25 euro gedaan heeft.
    Hoewel DE BANK dit stellig ontkent hebben wij hier zelf herhaaldelijk met verbazing moeten zien hoe ABN Amro het papier een euro of meer onder de vigerende marktkoersen binnenhaalt...

    FINANCIAL TIMES 5 MEI:

    ABN Amro is being investigated by Italian market regulators over the prices paid in its recent purchases of Banca Antonveneta shares, as the authorities step up efforts to police an increasingly controversial takeover battle.


    The Dutch financial group admitted it was being probed yesterday and denied any wrongdoing. Consob, the Italian market regulator, is already investigating Banca Popolare di Lodi, ABN's main rival for Antonveneta which launched a counter-offer last week. Milan prosecutors are also investigating Antonveneta share movements and purchases.

    Consob declined to comment yesterday. However, people close to the probe said investigators wanted to check that ABN had not been buying shares in the market at above its offer price for Antonveneta of €25 a share. If it had, the people said, Consob could force ABN to rebid at a higher price. Antonveneta's shares have been trading at above ABN's offer price since March 30 because Lodi, which is far smaller than Antonveneta, has been prepared to pay more as it built its stake in Antonveneta from 2 per cent in January to 29.5 per cent now.

    The stakebuilding paid off at an Antonveneta shareholders' meeting at the weekend. Lodi and other ABN rivals succeeded in replacing the whole Antonveneta board, which had approved the ABN offer before being disbanded, with directors nominated by LodI

    Antonveneta's share price peaked at €27.70 on April 22 and was trading at €25.95 yesterday. ABN has taken its stake from about 12.5 per cent to just under 21 per cent, while the shares have been above €25.

    The Dutch group said yesterday: "We have bought shares for €25 per share, mostly in block trades, mostly . . . with non-Italian investors. At the end of each day in which we have bought shares we have sent an announcement to Consob including the price level [which we paid] and thus have acted in full transparency and strict compliance with the rules."

    Consob is working hard to conclude quickly a separate probe into whether Lodi has been working formally with allies against ABN. Lodi says it has no agreements with other shareholders.

    Meanwhile, the Bank of Italy has written to the Financial Times to criticise a comment article in Monday's newspaper.
  5. [verwijderd] 4 mei 2005 22:59
    UPDATE:Bank Of Italy Responds To EU On ABN Amro,Antonveneta

    (Updates 1004 GMT story with second letter arriving and E.U. spokesman's comment.)

    BRUSSELS -(Dow Jones)- The European Union Commission Wednesday said the Bank of Italy has responded to questions about its handling of Dutch bank ABN Amro's (ABN) proposed takeover of Banca Antonveneta SpA (NTV.MI).

    The E.U. Commission had given Italy until May 4 to reply. One letterwas sent to the office of E.U. Internal Market Commissioner Charlie McCreevy's, who will now "study it carefully," E.U. spokesman Jonathan Todd said.

    Todd said McCreevy's office received a letter Tuesday co-authored by Angelo De Mattia, central manager for the governor's secretariat at the Bank of Italy, and his colleague Marco Evangelisti, on Tuesday evening.

    On Wednesday, Italian officials hand-delivered a second letter to the offices of E.U. Competition Commissioner Neelie Kroes.

    Kroes and McCreevy will continue to "work in close cooperation," Todd said, though he would not disclose the content of the second letter.

    The E.U., which is backing foreign banks' rights to own Italian banks, sent letters last week expressing concern about actions hampering ABN Amro's efforts to raise its stake in Banca Antonveneta.

    The E.U. Commission has asked for detailed information so that it can assess whether actions taken by the Bank of Italy constitute a de facto blocking of ABN Amro's takeover bid.

    The Bank of Italy gave ABN's rival, Banca Popolare di Lodi SCARL (PLO.MI), approval to raise its stake in Antonveneta before it gave a green light to ABN Amro's efforts to raise its stake in Antonveneta to 30% from 20%.

    Questions also remain as to whether ABN Amro will gain voting rights from its newly purchased shares to be used at a weekend shareholders' meeting.

    Banca Antonveneta shareholders Saturday elected new board members proposed by Banca Popolare di Lodi, paving the way for a rejection of a cash takeover bid by ABN Amro.

    Popolare di Lodi, an Italian mutual bank that spent around EUR2 billion buying a 29.5% stake in Antonveneta this year, nominated 15 candidates to the Antonveneta's board and all were elected.

    Antonveneta's previous board had ruled that a EUR6.3 billion cash offer from ABN Amro for the 87% of the bank it didn't own was fair. If the new board reverses that decision, the Bank of Italy may find it easier to veto the proposed cross-border acquisition.

    While E.U. rules require freedom for cross-border purchases, Italian banks have various ownership and governance rules that have blocked foreign interest from owning a majority in any Italian bank.

    Bankers across Europe see Italy, with its many fragmented banks, as ripe for consolidation.

    -By Victoria Knight and Juliane von Reppert-Bismarck, Dow Jones Newswires; 322-741-1488; victoria.knight@dowjones.com (Luca Di Leo in Rome contributed to this article.)

    (END) Dow Jones Newswires

    May 04, 2005 11:47 ET (15:47 GMT)
  6. [verwijderd] 4 mei 2005 23:00
    Milan Court Probe Finds Evidence On Antonveneta -Sources

    MILAN (MF-Dow Jones)--Investigators have found the first evidence supporting a claim of possible market rigging in shares of Banca Antonveneta SpA (NTV.MI) according to people close to the investigation.

    Milan prosecutors are trying to determine whether unknown people were spreading false information affecting the share price, a source told Dow Jones Newswires.

    Milan-based lawyer Mario Zanchetti, who filed the complaint also said Tuesday "the first evidence has already been uncovered."

    He called the claim "fact-based."

    Banca Antonveneta has been at the center of a hotly contested battle for control between Banca Popolare di Lodi SCARL (PLO.MI) and ABN Amro Holding N.V. (ABN). Both parties have built up stakes by buying shares on the open market.

    The struggle for Antonveneta already has drawn the attention of Italian stock market regulator Consob as well as complaints from the Adusbef consumer group.

    By Alessandro Mocenni of Mf-Dow Jones and Sabrina Cohen, Dow Jones Newswires; +39 02 58 21 9906

    (END) Dow Jones Newswires

    May 03, 2005 08:40 ET (12:40 GMT)

    Copyright 2002 ©, MF Dow Jones News Srl
  7. [verwijderd] 5 mei 2005 10:41
    'Di Lodi mogelijk verplicht tot bod op Antonveneta'

    AMSTERDAM (DFT) - Banca Popolare di Lodi (BPL), ABN Amro´s concurrent in de overnamestrijd voor Banca Antonventa, heeft mogelijk op onwettige wijze aandelen Antonveneta verkregen en zou verplicht kunnen worden tot een bod in contanten op alle aandelen.
    Dat meldt The Wall Street Journal donderdag. BPL zou beleggers geld geleend hebben om aandelen Antonveneta te kopen. Als dit waar blijkt te zijn, is BPL verplicht tot het doen van een bod in contanten op alle aandelen Antonveneta.
    Het Italiaanse openbaar ministerie is bezig met een onderzoek naar de wijze waarop BPL haar belang in Antonveneta in korte tijd wist uit te breiden van 5 procent tot bijna 30 procent.

    ------------------------
    Dit zou dan nog wel grappig zijn.....
  8. [verwijderd] 6 mei 2005 22:53
    Banca Popolare di Lodi Tweaks Its Bid For Antonveneta

    MILAN -(Dow Jones)- Banca Popolare di Lodi SCARL (PLO.MI) said late Thursday it will offer a sort of "sweetener" to make its as yet unofficial bid for Banca Antonveneta SpA (NTV.MI) more attractive.

    Popolare di Lodi April 29 presented to the market a complex plan to merge with Antonveneta, offering a swap of debt, Lodi shares and shares of Lodi unit Reti Bancarie Holding SpA (RTBN.MI).

    The bank said late Thursday that if the average price over the last three months of its shares and those of Reti Bancarie Holding is lower than the EUR26 a share proposed in the offer, the bank will compensate shareholders for the difference by offering them more shares.

    Lodi has not yet submitted its bid prospectus to Italian market regulator Consob.

    (MORE) Dow Jones Newswires

    May 06, 2005 03:12 ET (07:12 GMT)
  9. [verwijderd] 6 mei 2005 22:53
    JPMorgan Owns 2.1% Stake Of Popolare di Lodi - Consob

    MILAN -(Dow Jones)- J.P. Morgan Chase & Co. (JPM) holds a 2.1% stake in Banca Popolare di Lodi SCARL (PLO.MI), according to a filing with Italian market regulator Consob Friday.

    On April 7, the Milan branch of the U.S. bank lowered its stake in takeover target Banca Antonveneta SpA (NTV.MI) to below 2%.

    According to financial sources it sold the stake througha agreement with Banca Popolare di Lodi.

    Popolare di Lodi and ABN Amro N.V. (ABN) are in a tug-of-war for control of Antonveneta. On March 30, the Dutch bank made an all-cash takeover bid for the Padua-based bank. Last Friday Popolare di Lodi opposed the bid and proposed an all-paper offer for Antonveneta.

    On Saturday, 15 people backed by Popolare di Lodi were elected to the board of Antonveneta.

    On April 29, the Dutch bank increased its stake in Antonveneta to 20.67% from 18.115% according to Consob filings. Popolare di Lodi controls 29.49% of Antonveneta.

    By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906, sabrina.cohen@dowjones.com

    (MORE) Dow Jones Newswires

    May 06, 2005 10:08 ET (14:08 GMT)
  10. philby 8 mei 2005 19:24
    Er zijn nu berichten uit Italie dat de Italiaanse Beurscommissie na een onderzoek tot de conclusie is gekomen dat er rond BPL een "concert party" bestaat.

    Dit kan er toe leiden dat alle leden van deze groep er nu toe verplicht worden een gezaamelijk bod op Antonveneta uit te brengen aan voorwaarden die in lijn liggen met de hoogst betaalde koers (27.75 euro....)

    Een heel nieuwe fase in de strijd...

    Watch this space

    Philby
  11. [verwijderd] 8 mei 2005 21:47
    'Onderzoek toezichthouder naar Pop Lodi bijna afgerond'

    Uitgegeven: 8 mei 2005 19:52
    MILAAN - De Italiaanse financiële toezichthouder Consob heeft het onderzoek naar mogelijke samenwerking tussen Banco Popolare di Lodi (BPL) en andere aandeelhouders van Banco Antonveneta bijna afgerond. ABN Amro had Consob gevraagd deze mogelijke samenwerking bij het verwerven van aandelen Antoveneta te onderzoeken.

    Gedurend het weekeinde zijn Consob-medewerkers bijeengekomen om de zaak af te ronden, melden betrokkenen. De Italiaanse zakenkrant Finanza & Mercati schreef zaterdag dat de toezichthouder zal oordelen dat Pop Lodi heeft samengewerkt met andere aandeelhouders. De krant baseert zich op adviseurs van ABN Amro. Klik hier !

    Goed argument

    Een dergelijke uitkomst versterkt de positie van ABN Amro in het overnamegevecht met BPL rond Antonveneta. De Nederlandse bank krijgt daarmee een goed argument in handen om de recente vervanging van de top van Antoveneta door BPL aan te vechten. De bestuurders die het bod van ABN Amro steunden, werden vorige week zaterdag ingewisseld voor topmensen die Pop Lodi welgezind zijn.

    Bij constatering van samenwerking kan de beurswaakhond BPL verplichten een bod uit te brengen op Antoveneta. BPL controleert dankzij de samenwerking dan namelijk meer dan het wettelijke maximum van 30 procent van de aandelen Antonveneta. Nu zit het belang van Popolare di Lodi net onder deze grens. Maar het verplichte bod in contanten ligt met 23 euro per aandeel 2 euro lager dan het bod van ABN Amro, daardoor zal het geen effect op de overnamestrijd hebben. BPL bracht eerder een gemengd bod in aandelen en obligaties van 26 euro uit op Antonveneta.

    Overnameplannen

    De Italiaanse centrale bank keurde vrijdag de overnameplannen ABN Amro in dat land goed. Het fiat van centraal bankier Antonio Fazio betekent dat ABN Amro zijn bod op de Italiaanse bank Antonveneta formeel kan uitbrengen. De Nederlandse bank bezit ruim 20 procent van de aandelen Antonveneta en kan nu proberen alle stukken te verwerven. Banca d'Italia heeft niet eerder een buitenlandse bank toestemming gegeven voor een volledige overname.

    Bron: www.nu.nl
  12. [verwijderd] 10 mei 2005 21:40
    'Fazio dreef Benetton naar Lodi'

    Grootaandeelhouder Benetton verkocht zijn belang in Antonveneta onder druk aan Banco Popolare di Lodi, zegt het ABN Amro -kamp. Benetton zegt dat het geld de doorslag gaf.

    Gouverneur Antonio Fazio van de Italiaanse centrale bank heeft 'morele druk' uitgeoefend op Gilberto Benetton van de gelijknamige detailhandelsgroep om zijn 5%-belang in Banco Antonveneta te verkopen, zo beweren onder meer bronnen in het ABN Amro-kamp in Italië.

    De overdracht van het pakket frustreerde een akkoord met de Nederlandse bank en hielp Banco Popolare di Lodi aan de doorslaggevende zeggenschap op de dramatische aandeelhoudersvergadering van 30 april.

    * Socialisten lopen uit voor ABN Amro
    * Dossier:Antonveneta

    Hoogste bieder

    Benetton wil van geen kwaad weten. 'We hebben gewoon aan de hoogste bieder verkocht', aldus diens woordvoerder. 'Als een ander meer had geboden, waren we daarop ingegaan.' De centrale bank wil niet op de beschuldigingen ingaan. Deze weigert consequent commentaar op individuele banken die onder toezicht staan.

    Benetton bracht, in de lezing van de bronnen rond ABN Amro, halverwege december een bezoek aan Fazio en zou direct daarna een afspraak hebben gemaakt met PopLodi voor de verkoop van zijn aandelen. Hij mocht op dat moment echter niet handelen of afspraken daartoe maken, omdat hij deel uitmaakte van het aandeelhouderspact met ABN Amro, Lloyd Adriatico en de beleggersgroep Deltaerre. Zo'n pact is er om stabiliteit te bieden aan de bank en de afspraak is dat pacthouders hun belang constant houden.

    Financiële zwakte

    Fazio was bekend met de financiële zwakte van PopLodi en had bedacht dat ABN Amro deze bank te hulp zou kunnen schieten. In het verleden vroeg Fazio dit met name aan Italiaanse banken zelf. Zo redde Capitalia enkele jaren terug op aandringen van Fazio de probleembank Bipop en PopLodi redde op zijn beurt Crediteuronord, de bank van de regeringspartij Lega Nord.

    ABN Amro wilde alleen helpen als het de belofte kreeg Antonveneta vervolgens te kunnen controleren. Daar voelde Fazio minder voor en vervolgens overtuigde hij Benetton ervan om met het aflopen van het aandeelhouderspact ABN Amro te laten schieten. 'Het was vreemd dat een grote vriend van ABN Amro plotseling voor de tegenpartij koos', aldus een betrokkene uit het ABN Amro-kamp. 'Al die jaren stond Benetton juist bij ons.'

    Dat Benetton gevoelig is geweest voor druk van Fazio, is volgens betrokkenen verklaarbaar. Vakbondsbestuurder Umberto Baldo bij Antonveneta en president Elio Lannutti van consumentenbond voor financiële producten Adusbef stonden aanvankelijk perplex om de actie van Benetton, maar begrepen het snel. 'Want naast het kledingconcern is de familie Benetton grootaandeelhouder van autosnelwegenbeheerder Autostrade en Telecom Italia . Fazio heeft grote invloed op de Italiaanse politiek en bedrijfsleven. Het zou goed kunnen dat ze nu hulp krijgen bij die andere bedrijven.'

    Aandeelhouderspact

    13 april bracht Gilberto Benetton opnieuw een bezoek aan Fazio. Een paar dagen later liep het aandeelhouderspact met ABN Amro af en direct daarna maakte Benetton de verkoop aan PopLodi bekend. Vlak daarvoor had hij bij afwezigheid in de Antonveneta-bestuursvergadering nog ingestemd met de overname van Antonveneta door ABN Amro, maar 'het was hoogst ongebruikelijk dat hij er niet bij was', aldus een voormalig bestuurslid van Antonveneta.

    De woordvoerder van Benetton houdt desgevraagd vol dat het uitsluitend een financiële afweging was om te verkopen aan PopLodi. Maar Gilberto Benetton zelf liet bij het uitlopen van een bestuursvergadering van Telecom Italia ontglippen dat niet alleen het geld had geteld: 'Ik heb euro 120 mln aan boekwinst gemaakt met Antonveneta. Maar op mijn lijst van afwegingen stond ook dat ik Italië wil verdedigen. Het lijkt me vanwege de sleutelrol bij de steun aan kleine bedrijven opportuun om het eigendom van banken in Italië te houden. Ook daarom heb ik verkocht aan PopLodi.'

    Maarten Veeger

    Copyright (c) 2005 Het Financieele Dagblad
  13. [verwijderd] 10 mei 2005 22:21
    Populare di Lodi doet officieel bod op Antonveneta--media

    AMSTERDAM (FD.nl/Betten) - Banca Antonveneta heeft van Banca Populare di Lodi een officieel overnamebod ontvangen van circa euro 6 mrd. Dat schrijft Bloomberg News dinsdagavond. Volgens het persbureau benoemt Banco Antonveneta momenteel financieel adviseurs.

    Met het overnamebod wil Populare di Lodi voorkomen dat Antonveneta in handen komt van ABN AMRO . Eind maart meldde ABN AMRO euro 25 per aandeel plus dividend te willen bieden voor de aandelen Banca Antonveneta die de Nederlandse bank nog niet in bezit heeft. Onlangs kwam Banca Popolare di Lodi ('Lodi') met een tegenbod van euro 26 per aandeel, zij het via een aandelenruil.

    (c) Het Financieele Dagblad in samenwerking met Betten Beursmedia News (contact: webred@fd.nl/ 020-5928456)
  14. philby 11 mei 2005 19:19

    BETEKENISVOLLE ONTWIKKELING:

    Vandaag dit artikel in de Financial Times.

    De conclusie van de Italiaanse Beurscommissie is dat er wel degelijk een "concert party " rond BPL bestond.
    BPL wordt nu verplicht (als Consob zijn zin krijgt) een CASH OFFER voor Antonveneta uit te brengen, waarvoor ze de middelen natuuurlijk niet hebben!(dus het bod van aandelen + obligaties vervalt...)
    ABN Amro heeft ze nu "by the short and curlies..."

    Regulator rules against Lodi in Italian bid battle
    By Adrian Michaels in Milan
    Published: May 11 2005 09:40 | Last updated: May 11 2005 09:40

    Italian regulators on Wednesday morning plunged the takeover battle for Banca Antonveneta into uncharted water, ruling that Banca Popolare di Lodi and allies acted improperly in efforts to block a cash offer from ABN Amro of the Netherlands.


    The ruling from Consob, the markets regulator, came early Wednesday after intense deliberations and meetings that went well into the night. It is a very significant victory for the Dutch bank and is unprecedented in Italy. Consob’s ruling could be a crucial turning point in the battle for Antonveneta and boost the reputation of Italian regulation and markets.

    The Bank of Italy, which has a veto on bank mergers and large share-buying operations, had given its consent to Lodi and rivals to build up large stakes in Antonveneta as they sought to block ABN’s bid.

    The share buying culminated in a successful effort a few weeks ago to install a new Antonveneta board wholly comprising directors nominated by Lodi. The new board and the show of shareholder strength that created it, seemed to have dealt a fatal blow to ABN’s chances of being the first foreign bank to take over a large Italian institution.

    But Consob said on Wednesday that Lodi and its allies, which include financier Emilio Gnutti, one of the biggest names in Italian business, failed to declare that they were working together. In fact, Lodi had repeatedly denied that it had any arrangements with other Antonveneta investors.

    Lodi had kept its own stake below 30 per cent of Antonveneta because under Italian rules it would be obliged to launch a cash offer of its own for the bank if it went over that threshold. Lodi, which is far smaller than Antonveneta and has very limited capital, could not afford a cash offer according to most analysts.

    Instead, Lodi had announced plans for a combination with Antonveneta paid for in a combination of shares and bonds. Consob’s ruling however means that the combined stake of Lodi and others - which is well above 30 per cent - obliges them to launch a cash bid. ABN offered €6.3bn for the 87 per cent of Antonveneta it did not own at the end of March and has repeatedly lobbied regulators about what it alleged were improper actions of its rivals.

    Consob’s decision comes amid a very delicate political situation, pressure from the European Commission to ensure that Italian rules are fair and controversial approvals given to Lodi by Antonio Fazio, the powerful governor of the Bank of Italy.

    Prosecutors in Milan have also started an investigation into the buying of Antonveneta shares and there has been a raid on Lodi offices by the financial police.

    Lodi responded immediately on Wednesday morning by saying it would appeal against Consob’s finding to an administrative tribunal in Italy’s Lazio region, which includes Rome. It is seeking an urgent suspension of Consob’s judgment to stop it having to launch a cash offer.
  15. philby 12 mei 2005 14:45
    In de FT vandaag:

    Concert party
    By Paul Betts
    Published: May 12 2005 03:00 | Last updated: May 12 2005 03:00

    The markets were singing yesterday after the Italian stock market regulator Consob finally said it had found a concert party in the intricate Antonveneta affair.


    The markets, and ABN Amro, had begun questioning Consob's ability to police Italy's arcane market.

    But by ruling that Banca Popolare di Lodi acted in concert with other investors to win control of Antonveneta and thwart the Dutch bank, the regulator landed a big punch - if not a knockout blow - on Lodi and its allies.

    Lodi is appealing against the ruling, which would force it to make a full cash offer for Antonveneta - something it can ill afford. The decision is also a blow for Antonio Fazio, the Bank of Italy governor, who has led the resistance to foreigners taking over Italian banks.

    Few expected Lamberto Cardia, Consob chairman, to challenge the Bank of Italy's controversial defence of Italian banks. In so doing, he has significantly boosted Consob's credibility.

    Only a wizard could now forecast what happens next in a plot as complicated as a Verdi opera. If Lodi's appeal fails, the Dutch could cash in their 20 per cent Antonveneta stake or press on with their bid with no guarantee of success.

    Nonetheless, yesterday was a bad day for a certain breed of Italian capitalism, and a good day for Italian regulation and financial markets.
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