(Alliance News) - Corrado Passera has raised EUR600 million to create illimity Bank Spa but Banca Ifis Spa's EUR298 million unagreed offer could halve its value.

As Corriere wrote Monday, although the market values illimity EUR327 million, the Venetian offer could attract some shareholders, such as Banca Sella, which has 10 percent, the Rovati family with 9.7 percent, and others.

illimity, initially focused on NPLs, was about to present a revamped business plan but now faces possible integration into a larger group. While industrially viable, Ifis's offer is not friendly and illimity's board of directors will rule within a month.

The long wave of consolidation, driven by the moves of UniCredit Spa, is also involving smaller, more specialized banks such as illimity.

Entities such as Credito Emiliano Spa, Banca Popolare di Sondrio Spa and others capitalized up to EUR1.5 billion could also be involved. Supervisors are watching these transformations carefully.

In the banking risiko, Banca Generali Spa, under the leadership of Gian Maria Mossa, stands out for its profitability and prestige.

Although controlled by Generali Spa, it could become an important pawn in future rearrangements between large groups such as Mediobanca Spa and Unicredit, especially with the renewal of Generali's top management in the spring.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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