Banco BPM Set to Take Over Anima After Reaching 90% of Capital

Banco BPM SpA has gained control of Anima Holding SpA after most of the asset manager’s investors tendered their shares to the bank’s unsolicited bid.

Shareholders tendered about 68% of Anima’s capital, bringing Banco BPM’s total holding to almost 90%, the Milan-based lender said in a statement late Wednesday.

The bank will pay the consideration of €7 per share tendered to the offer, against the simultaneous transfer of ownership of shares to Banco BPM, for an overall amount of €1.55 billion ($1.7 billion), it said.

Banco BPM, which previously held a 22% stake, started the takeover bid for the investment ...