Italian indies bag €100bn banking merger
Italian independents Chiomenti and Grimaldi e Associati have bagged lead roles on the latest bumper deal in the fast-consolidating Italian banking sector - the proposed merger between UniCredit and Capitalia, which would create a banking giant worth around €100bn (£68bn). Chiomenti is advising Capitalia, with corporate partner Michele Carpinelli leading the team. Grimaldi corporate partner Roberto Capelli is acting on behalf of Unicredit.
May 18, 2007 at 11:43 AM
2 minute read
Italian independents Chiomenti and Grimaldi e Associati have bagged lead roles on the latest bumper deal in the fast-consolidating Italian banking sector – the proposed merger between UniCredit and Capitalia, which would create a banking giant worth around €100bn (£68bn).
Chiomenti is advising Capitalia, with corporate partner Michele Carpinelli leading the team. Grimaldi corporate partner Roberto Capelli is acting on behalf of Unicredit.
Employment boutique LabLaw – Studio Legale Failla Rotondi & Zambelli has also landed a role, with name partner Angelo Zambelli advising the managing director and general manager of Capitalia.
The sale continues a period of rapid consolidation in the Italian financial services market. Major deals in the sector include the €6.2bn (£4.2bn) acquisition of Banca Lombarda e Piemontese by rival Banche Popolari Unite last November, while Chiomenti advised Banca Popolare Italiana on its €8.2bn (£5.5bn) acquisition of Banca Popolare di Verona e Novara the month before.
Chiomenti also advised Banca Intesa on the sale of assets worth €6bn (£4bn) to French group Credit Agricole.
The latest deal brings Chiomenti and Grimaldi together again after the duo won key mandates advising on the high-profile privatisation of Alitalia in March. Chiomenti bagged a trophy role advising the Italian Treasury on the sale of its stake in the flagship airline, while Grimaldi advised longstanding client Alitalia.
UniCredit and Capitalia are expected to reach an agreement by the end of May.
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