Unipol chairman says no contacts with BPM; still assessing use of excess cash |
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Wed, 22 Aug 2007 13:33
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MILAN (Thomson Financial) - Unipol SpA is not in talks with Banca Popolare di Milano for a possible merger and the group is still assessing the best way to use its excess capital of some 2 bln eur, said Unipol chairman Pierluigi Stefanini.After the failed merger between BPM and Banca Popolare dell'Emilia Romagna, there have been reports of a possible link-up between Unipol and BPM with Lehman Brothers' Rainer Masera reportedly being asked to explore such possibilities and verify possible developments.'There is work in progress to find the optimal solution both in the interest of the group and of shareholders. At the moment there is no final assessment,' Stefanini said, adding that 'by the end of 2007 we will have decided on how to proceed.'But when asked if there had been talks with BPM he said: 'absolutely not.'Unipol has some 1.8 bln eur in excess capital, that management has indicated would be distributed among shareholders if the group does not find investment opportunities by the end of the year.'We are very open-minded, it has to be that way,' Stefanini said when asked if his group was looking at any particular type of target, like for example cooperative banks.yael.schrage@thomson.comysc/dcaCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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