ABN launched a takeover bid for the northern Italian financial organization only last week by offering E25 per share to acquire a majority stake. The Dutch company believed that its biggest threat to a successful completion was Antonio Fazio, governor of the bank of Italy, who’s ratification is needed and who has a past record of fiercely defending Italian banks from foreign takeover.
However, the move by Banca Popolare di Lodi to increase its share represents a new hurdle for ABN to overcome. Gianpiero Fiorani, chief executive of Banca Popolare di Lodi, is believed to be a kindred spirit of Fazio and therefore also a supporter of keeping Italian banks domestically controlled.
Lodi has increased its stake in Antonveneta to 11.75% from 5%, according to filings with market regulator Consob, since ABN Amro revealed its interest in the Padua based bank. As a result speculation that Lodi will launch a counter bid has grown considerably.
So far Lodi has not declared any desire to launch a bid to gain control, but if it did want to it would need to attain 50% of Antonveneta shares to thwart ABN, a move that it seems would not be objectionable to Fazio.
