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Bank Takeover Hurdle & CET1 Impact Modeler

Implied Equity Bid
€35.0B
+29.3% undisturbed premium
Total Tendered Shares
79.8%
Hurdle Check...
Pro-Forma CET1 Ratio
13.85%
Above 10.5% SREP Req
Goodwill Capital Drag
€19.5B
Deducted from Tier 1

Tender Offer Acceptance Waterfall vs. Legal Hurdles

Takeover Feasible
Analyzing transaction conditions...

Prudential Capital Impact (CET1) Basel III / SREP

ComponentMetricImpact

Consolidation & Synergy Economics P&L Accretion

DriverBase / Run-rateValuation / Year
Term Sheet Ready: Model calibrated to standard ECB/EBA supervisory framework.
Regulatory Methodology, Squeeze-Out Jurisprudence & Sources ▾

European Takeover Directive & Statutory Thresholds

Under EU Directive 2004/25/EC and local transpose laws (e.g., Italian Consolidated Law on Finance / TUF Art. 108–111), securing 90% or 95% of voting share capital entitles the bidder to squeeze out minorities (sell-out & squeeze-out right).

Between 50% and 66.7%, the acquirer attains statutory ordinary control (board appointment, ordinary dividends), but blocking minorities exceeding 33.4% can veto extraordinary corporate restructuring, mergers by incorporation, and share capital increases.

ECB Supervisory Capital Rules (CRR / CRD V)

Bank consolidation incurs strict prudential capital charges: purchase price premium over tangible net book value is booked as goodwill and immediately deducted 100% from Common Equity Tier 1 (CET1) capital.

Furthermore, non-performing exposures and credit fair-value adjustments reduce acquisition-date capital, requiring sufficient post-deal CET1 buffer above Pillar 2 requirements and Capital Conservation Buffers (typically 10.5%–11.0% minimum).

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