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Investing.com -- Banco BPM saw a drop in its shares following a negative stance from the European Central Bank (ECB) on the application of more lenient rules for the Italian bank’s acquisition of asset manager Anima Holding.
The shares traded 4.2% lower at 9.84 euros during today’s trading session following media reports of the decision, which Banco BPM later confirmed in a Wednesday statement.
The ’Danish Compromise’ rules, which are under scrutiny, allow banks to acquire asset managers through their insurance subsidiaries, resulting in less capital consumption.
However, the ECB informed Banco BPM that these rules would not be applicable to the deal. This opinion does not have binding power as the European Banking Authority holds the final decision-making authority.
In November, Banco BPM, as Anima’s largest shareholder, proposed to acquire the group through its insurance subsidiary, BPM Vita. This move was aimed at enhancing its life insurance and wealth management operations.
An increased offer price of 7.0 euros per share was approved last month, up from the previous 6.2 euros, which valued Anima at approximately 2.3 billion euros ($2.48 billion).
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