ROME (Reuters) -Banca CF+, an Italian bank controlled by U.S. investment fund Elliott Management Corp, said on Monday it was launching a takeover bid for Banca Sistema. The public exchange offer is
Italy's Banca CF+ launches takeover bid for Banca Sistema
ROME (Reuters) -Banca CF+, an Italian bank controlled by U.S. investment fund Elliott Management Corp, said on Monday it was launching a takeover bid for Banca Sistema.
The public exchange offer is the latest in a number of M&A deals to shake the Italian banking sector in recent months.
Banca CF+ is offering 1.8 euros per share of Banca Sistema, including 1.382 euros in cash and 0.418 euros in shares of Kruso Kapital, a unit of Banca Sistema, Banca CF+ said in a statement.
Banca Sistema did not immediately respond to an emailed request for comment from Reuters.
Banca Sistema's shares on the Milan bourse closed at 1.964 euros on Friday, giving the bank a market capitalisation of around 158 million euros ($185.43 million).
"The Italian banking sector is going through a phase of consolidation. Even in the segment of specialized banks, there is a need for larger and more efficient operators," Banca CF+ CEO Iacopo De Francisco said in the statement.
"The integration of Banca CF+ with Banca Sistema allows us to combine skills, technologies and industrial vision to create a more solid and innovative operator, capable of growing in the chosen business segments," he said.
($1 = 0.8521 euros)
(Reporting by Alvise Armellini; Editing by Rachna Uppal)
