Financial Insights That Matter
Posted By Reuters
Posted on January 11, 2025
MILAN (Reuters) – Italian digital bank illimity said on Friday a buyout offer launched this week by rival specialty lender Banca Ifis had come as a surprise, and would not alter its existing plans.
“It should be noted that the offer has not been solicited or previously agreed with illimity,” it said in a statement.
Illimity, founded by veteran banker Corrado Passera with backing from former Barclays CEO Bob Diamond, said it would press on with preparing a new business plan and assess any strategic options that could create value for stakeholders.
Ifis on Wednesday made a 298 million-euro ($309 million) share-and-cash offer for illimity.
The bid proposal steps up the pace of consolidation in Italian banking, and reflects an increasing tendency toward unsolicited offers, which were traditionally rare in the finance industry.
Italy’s No. 2 lender, UniCredit, has made a bid for smaller rival Banco BPM, which has rejected the approach as a way to thwart its own bid for fund manager Anima Holding.
(Reporting by Valentina Za in Milan; Editing by Matthew Lewis)
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.