ABN's new friends

26 September 2005

In buying Antonveneta, the Dutch bank inherits 7% of a holding company owned by an ally of its discredited rival, BPI. But ABN can’t use the stake to make much mischief. Indeed, finding a buyer for the unlisted holding will be a headache.

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ABN Amro has signed a deal with Banca Popolare Italiana and other investors in Antonveneta to buy their 39.4% stake in Banca Antonveneta. ABN will pay E26.50 per share, or E3.2bn for the whole stake. The purchase is conditional on approval by Consob, the Bank of Italy and Milan prosecutors which have seized the Antonveneta shares owned by BPI and its allies. After the deal, ABN will own 69.3% of Antonveneta and will launch a tender offer at E26.50 a share.

Antonveneta and its subsidiary Interbanca together own 7% of Hopa, the holding company of financier Emilio Gnutti. They also own convertible bonds, which might lead to that stake increasing. Other investors include Fininvest and Mediaset, owned by Silvio Berlusconi, Unipol, Monte dei Paschi and Banca Popolare Italiana.

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