(Alliance News) - Giuseppe Castagna gets the go-ahead from the government on golden power for the takeover bid on Anima Holding Spa but remains waiting for the European Central Bank's okay on the Danish Compromise.

As Milano Finanza recalls Tuesday, this accounting mechanism, essential to the deal, allows banks to reduce capital absorption in case of acquisitions through insurance subsidiaries.

Banco BPM Spa's EUR1.6 billion takeover bid for Anima, launched in November, is in fact conditional on the application of this benefit, which would reduce the impact on the CET 1 ratio to just 30 basis points. The ECB is awaiting the EBA's opinion to confirm the validity of the Danish Compromise.

Analysts at Mediobanca Spa are confident about the green light, pointing out that the regulatory basis has already been clarified in the past.

Meanwhile, Banco BPM's board is considering a defensive strategy against UniCredit Spa's interest, which could include raising the price of the takeover bid on Anima. However, without the green light from the ECB, it is complex to calculate the capital impact of a possible raise.

A successful deal would strengthen Banco BPM, raising its valuation and complicating any moves by UniCredit. Orcel could be forced into a cash-only relaunch, putting shareholder remuneration at risk. In February, a Consob decision is also expected on Banco BPM's complaint against UniCredit's OPS, which could block the offer and revise its strategy.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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