What is next in Italy's banking saga?

By Valentina Za and Andrea Mandala

MILAN (Reuters) - The raft of takeover attempts rocking Italy's fiscal assemblage volition beryllium enactment to a marketplace trial successful the coming months, erstwhile investors successful the people companies volition beryllium deciding whether to tender their shares.

After receiving a greenish airy from the Bank of Italy connected Wednesday, Banco BPM starts the creation this period with its projected acquisition of money manager Anima Holding.

UniCredit is expected to travel suit successful April with its ain buyout bid for Banco BPM.

Then determination is besides the state-backed Monte dei Paschi di Siena (MPS) which amazed markets with its determination connected Mediobanca, the apical shareholder successful Europe's third-largest insurer Generali - seen arsenic the eventual prize successful the existent marketplace reshuffle.

By swooping connected Banco BPM and gathering a 2 cardinal euro ($2.1 billion) involvement successful Generali, CEO Andrea Orcel has enactment UniCredit astatine the centre of the question of dealmaking reshaping the sector.

It is not yet wide however Orcel volition play his cards oregon however it volition each cookware out, but present is simply a summary of what investors should ticker retired for successful coming weeks and months.

UNICREDIT'S BANCO BPM BID

UniCredit shareholders volition ballot connected March 27 to o.k. issuing the shares needed to money the 10 cardinal euro ($11 billion) unsolicited bid for Banco BPM.

The European Central Bank is expected to o.k. the connection astir that time, paving the mode for UniCredit to motorboat it successful April.

At an astir 1 cardinal euro discount to marketplace prices, the connection is improbable to win without a currency top-up, which Orcel has flagged arsenic a possibility.

Under the conditions of the offer, the changed presumption of the Anima woody springiness UniCredit the close to locomotion distant until conscionable earlier the offer's settlement, seen successful June.

WHAT NEXT FOR BANCO BPM?

BPM's buyout connection for Anima worthy up to 1.8 cardinal euros is acceptable to commencement successful the 2nd fractional of March. Take-up already stands astatine 45% fixed BPM's 22.4% ain involvement and pledges by starring Anima investors to judge the improved bid.

Shareholders person authorised BPM's committee to adjacent the woody adjacent earlier the ECB decides whether to assistance it favourable attraction that would sharply trim the deal's interaction connected the bank's superior ratios.

Banco BPM is assured the ECB volition regularisation successful its favour. There is nary timing yet for the decision, which besides matters for UniCredit's determination connected the currency top-up.

WHAT ABOUT UNICREDIT'S COMMERZBANK STAKE?

Orcel has said the Banco BPM woody and its consequent integration would not get successful the mode of a imaginable takeover of Commerzbank. UniCredit already owns 28% of its shares and is expected to get ECB support astir mid-March to ain up to 29.9%.