Four Italian 'good banks' attract three offers
Four Italian 'good banks' being sold off following a restructuring in a government-sponsored bailout have attracted three offers, according to Italian-language daily Il Sole 24 Ore. The report cited a statement by the National Resolution Authority, part of the Bank of Italy, that said the offers would now be examined.
The report, without citing sources, said that two of the offers were from private equity firms Apollo and Lonestar. These offers were for all four banks; Banca Marche, Banca Etruria, CariChieti and Carife. The item said that the total value of the bids was EUR 500m - EUR 600m. This valuation was well below the below the target of EUR 1.4bn being sought by the vendors, the report said.
PE firm Apax is believed to have made a separate offer for BAP, the insurance arm of Banca Etruria. The report added that Apollo is being advised by McKinsey and Lone Star by Bain.
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Source Il Sole 24 Ore