意大利人民银行表示，与法国农业信贷银行的任何交易都必须充分补偿股东作者：安德烈亚·曼达拉米兰，11月12日——意大利人民银行（Banco BPM）董事会周四授权首席执行官朱塞佩·卡斯塔尼亚就法国农业信贷银行的合并提议与该行接洽，并警告称，任何交易的条款都必须反映出这家法国银行将实际获得控制权这一事实。
Banco BPM says any Credit Agricole deal must adequately compensate shareholders By Andrea Mandala MILAN, Nov 12 - The board of Banco BPM on Thursday gave CEO Giuseppe Castagna a mandate to engage with Credit Agricole over its merger proposal - warning that the terms of any deal would need to reflect the fact that the French bank would effectively gain control.
在对该提议进行非常初步的审议后，意大利人民银行表示，这笔交易将缔造一家具有一流地位的银行集团，但会使意大利人民银行失去任何收购吸引力，这意味着股东需要得到充分补偿。
After a very preliminary review of the proposal, Banco BPM said the transaction would create a banking group of primary standing, but deprive BPM of any takeover appeal, meaning shareholders would need to be adequately compensated.
近年来，意大利人民银行一直是备受觊觎的收购目标，联合信贷银行和锡耶纳牧山银行也对其表现出兴趣，这推动其股价上涨。
BPM has been a coveted takeover target in recent years, drawing interest also from UniCredit as well as Monte dei Paschi, which has contributed to lifting its share price.
法国农业信贷银行周一提议将意大利人民银行（该行持有其29.6%股份）与法国农业信贷银行意大利分行合并，交易完成后这家法国银行将持有合并后实体约45%的股份，并缔造意大利第三大银行集团。
Credit Agricole on Monday proposed combining Banco BPM - of which it owns 29.6% - with Credit Agricole Italia in a transaction that would leave the French bank holding around 45% of the merged entity and create Italy's third-largest banking group.
意大利人民银行表示，提交给其投资者的任何提议的条款还必须充分体现其商业模式的实力，以确保获得“股东尽可能广泛的支持”。
Banco BPM said the term of any proposal to be put to its investors would also need to adequately reflect the strengths of its business model so as to secure the "broadest possible support among shareholders".
法国农业信贷银行提出的交易需要根据意大利的“洗白”程序获得批准：少数股东需要同意，法国农业信贷银行才能在不发起对意大利人民银行整体收购要约的情况下，将其持股比例提高到强制收购门槛以上。
The deal proposed by Credit Agricole requires approval under Italy's "whitewash" procedure: minority investors need to be onboard for Credit Agricole to be able to raise its stake above the mandatory takeover threshold without launching a buyout offer for the whole of BPM.
法国农业信贷银行提议，意大利人民银行在合并前支付10亿欧元的特别股息，并在交易中获得相对于法国农业信贷银行意大利分行20%的溢价估值。该行预计合并每年将带来约8亿欧元的收益。
Credit Agricole has proposed Banco BPM pays out €1 billion as an extraordinary dividend before the merger and gets valued at a 20% premium versus Credit Agricole Italia in the deal. It projects annual benefits of around 800 million euros from the combination.