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Monday April 11, 09:21
BBVA involved in «fair» bid for BNL
(by Dr.Goldfinger)

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BBVA involved in «fair» bid for BNL Banca Nazionale del Lavoro SpA called the bid of Bilbao-based Banco Bilbao Vizcaya Argentaria (BBVA) «fair» pointing at the bank’s ability to purchase Italy’s sixth-largest bank in a deal worth €6.44 billion ($8.3 billion).

BNL’s board approved Friday the all-stock offer of BBVA that launched bidding last month. The board’s approval means the deal should be also approved by the Italian central-bank governor Antonio Fazio. All the previous attempts for foreign bidding were stymied by the Bank of Italy.

The central bank top official thinks that Italian market would see practical problems under foreign control with the certain impact on the nation’s economy. But if the takeover offer is rejected, it would be one more clash with the European Commission, he added.

A BBVA spokesman declined to comment on the matter.
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