Watch for Unipol's next move

Now that Unipol have seen off BBVA, their rival for the purchase of BNL, wait to see their next move. As the only, and italian, bidder there is no reason why they will maintain their full price and, assuming control is all they are looking for, they will make any offer only for the smallest amount they believe they can get away with.

I am sure their friend, Antonio Fazio, Governor of the Banca d'Italia and arch-European, will help them come up with an Italian solution. The French maneuver seems to have worked in Italy.

This has two results. Firstly, it puts into question the profit that BBVA expects and two, it will be a challenge to governance, as minorities (which are actually the majority) will suffer.

OAM