Management of BPM Bank warned its employees with a letter signed by the group’s CEO, Josep Castagna. The communication reiterates the administration’s opposition to the public exchange offer. Unicade, deemed insufficient. However, beyond all possible redundancies, he warns that the bank will lose money if the operation is completed: they fear 6 thousand layoffs.
Bpm against Unicredit’s offer
CEO of Banco BPM Josep Castagna The group sent a letter to employees, commenting on Unicredit’s public offer for the bank’s shares: “2024 was an extraordinary year for us, marking an important chapter in our history. Achieved targets, such as third quarter results, takeover bid for all shares Enema And “Achieving 5% MPS has strengthened our positioning, laying the foundation for a future of further growth” the CEO began.
“We find ourselves at a moment of great importance for our group, a historic transformation that is staring us in the face. Active protagonists in the market, As shown by recent events related to our bank. Perhaps for the same reasons, today we find ourselves having to comment on an operation that was not agreed with the bank and on unusual price terms for this type of operation” he introduced Unicadet’s offer. He said while doing it.
“We are a large independent, Italian bank with a strong reputation for being close to the backbone of our country, regions and SMEs. We must continue in this direction, stick to the path we have traced and Doing our job well, as we have always done, is the right way to go. Grow your own and not be subject to actions that do not take into account the value demonstrated by our bank today and even more so in the near future,” Castagna explained in the letter.
Castagna then continued by reiterating that the board of directors considered Unicadet’s offer inappropriate: “The profitability potential of Bpm is further strengthened From the extraordinary actions recently announced by our bank, which are already included in the strategic plan 2023-2026. On this topic, the CEO concluded, saying that our ability to achieve plan objectives and actually anticipate, as well as extract value from product factories, has strengthened the bank’s competitive position.
Fear of layoffs
The letter then focuses on the potential consequences of this move for both the bank’s shareholders and its employees. In particular, there may be significant redundancies if BPM moves to a large group such as Unicadet: “There is a strong concern about staff shortages. 6,000 colleagues and associatesCastagna declared in the letter.
For shareholders, Castagna points out that with Unicredit’s offer Principle of inactivity This rule prevents directors of a listed company from implementing defensive measures against external takeovers, such as Unicadet to Banco BPM. According to the CEO, however, this rule “risks limiting management’s strategic autonomy even with respect to the terms of operation at Enema Holding”.
“In the face of these changes It is natural to think about the future.But what should never fail is our faith in the path taken. We cannot afford to lose track or lose focus from our goals. On the contrary, this is the moment in which we must remain united, focused and determined, aware of the great work we have done and the results we have achieved,” Castagna concluded.
