Reported about 20 hours ago
Banca Ifis SpA has announced a €298 million offer to acquire rival Illimity Bank SpA, marking a significant moment in Italy's banking consolidation efforts. The tender offer, which includes a mix of cash and shares, values Illimity shares at €3.55, a premium over recent closing prices. This move is part of a broader trend of consolidation in the Italian banking sector, as Banca Ifis aims to leverage synergies estimated at €75 million annually amidst challenges from non-performing loans. The acquisition comes as other banking entities, including UniCredit, explore major mergers.
Source: YAHOO