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Finance

Italy's Banca CF+ launches takeover bid for Banca Sistema

Published by Global Banking and Finance Review

Posted on June 30, 2025

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ROME (Reuters) -Banca CF+, an Italian bank controlled by U.S. investment fund Elliott Management Corp, said on Monday it was launching a takeover bid for Banca Sistema.

The public exchange offer is the latest in a number of M&A deals to shake the Italian banking sector in recent months.

Banca CF+ is offering 1.8 euros per share of Banca Sistema, including 1.382 euros in cash and 0.418 euros in shares of Kruso Kapital, a unit of Banca Sistema, Banca CF+ said in a statement.

Banca Sistema did not immediately respond to an emailed request for comment from Reuters.

Banca Sistema's shares on the Milan bourse closed at 1.964 euros on Friday, giving the bank a market capitalisation of around 158 million euros ($185.43 million).

"The Italian banking sector is going through a phase of consolidation. Even in the segment of specialized banks, there is a need for larger and more efficient operators," Banca CF+ CEO Iacopo De Francisco said in the statement.

"The integration of Banca CF+ with Banca Sistema allows us to combine skills, technologies and industrial vision to create a more solid and innovative operator, capable of growing in the chosen business segments," he said.

($1 = 0.8521 euros)

(Reporting by Alvise Armellini; Editing by Rachna Uppal)