Banca Carige receives non-binding offer from Apollo
Banca Carige, the listed Italian lender, has received a non-binding offer from private equity firm Apollo for a significant stake in the bank, Italian language daily La Repubblica reported.
The report cited unspecified rumours as saying that the offer was received a month-and-a-half ago but has been put on hold until a new board of directors is elected for Carige at its shareholders' meeting on 31 March.
The report said that under the terms of the offer, Apollo would subscribe to a EUR 525m capital increase reserved for the fund. The report said that a further EUR 100m capital increase would be launched in tandem for Carige's existing shareholders.
The report said that as a result, Apollo would have a strategic stake in Carige while the holding of the Malacalza family, presently Carige's largest shareholder, would fall.
The report said that Apollo is also offering to acquire a EUR 3bn non-performing loan portfolio for EUR 600m. The report said that it was unclear whether the NPL offer was separate or connected to the bid for a stake in Carige.
La Repubblica