The chief executive of ABN Amro yesterday branded its rivals in the takeover tussle for Banca Antonveneta and the Italian central bank an "unholy combination". His words came as the Dutch bank signed the deal that broke Italy's banking barriers.
Rijkman Groenink's comments were a direct reference to allegations that Antonio Fazio, governor of the Bank of Italy, favoured a domestic bidder in the battle for Italy's ninth-largest lender. Mr Fazio is facing calls for his resignation, but he denies any wrongdoing.
Mr Groenink has always been careful publicly to avoid suggesting a plot against ABN.
But he said: "Apart from this unholy combination of Banca Popolare di Lodi [now known as Banca Popolare Italiana (BPI)], with a few of its business associates and the central bank, the Italian institutions have worked properly."
His comments came after ABN agreed to acquire 39.37 per cent of Antonveneta shares from BPI and its allies for €3.2 billion. The deal increases ABN's stake to nearly 70 per cent and it will launch a tender for the remaining shares at €26.50, the price it paid BPI.
The deal marks an impressive comeback for ABN after its original €26.50 per share cash bid for Antonveneta failed in July amid allegations of national resistance from Mr Fazio, who approved a rival bid from BPI, despite its weaker financial position.
"I am happy, relieved and proud," Mr Groenink said of the outcome to a process in which the fortunes of rival bidders swung on a series of unexpected events. ABN's offer expired in late July before officials impounded BPI's holding of Antonveneta shares, froze its offers and suspended Gianpiero Fiorani, BPI's chief executive.
While that was the turning point, Mr Groenink said the complex negotiations suffered "hiccups" as recently as the weekend.
Lawyers sought to overcome legal obstacles related to BPI's access to the proceeds of the sale, and ABN's control of the shares.
Those matters related to satisfying regulators, who must still approve the release of BPI shares and revoke its offers for Antonveneta. Regulators must also approve ABN's new tender.
The deal will leave BPI in a healthy position after months of question marks over its finances. But it faces a Bank of Italy inspection of its books and criminal investigations over the actions of former executives and allies.
BPI's board is looking to appoint a chief executive from outside the company and is also taking legal advice to see if it has a case for suing Mr Fiorani.
Gianfranco Boni, whose court-mandated suspension from his role as chief financial officer ends this week, may not come back to the company, bank sources said. - (Financial Times Service)
