Banca Carige rejects Apollo bid

According to a statement, the bank's management board rejected the non-binding proposal because it was considered to be below the company's market value.

Specifically, Carige rejected the condition of inseparability of the bad-loan purchase from a capital increase, which it saw as precluding the bank from having free initiative. At the same time, the bank said it would be willing to re-enter discussions with Apollo for a sale of its non-performing loans portfolio.

The bank also claimed to be evaluating other opportunities following recent unspecified government initiatives.

In March 2016, Apollo offered to buy a controlling stake in the Genoa-based lender. The offer included the acquisition of the bank's non-performing loans and a revised capital increase totalling €550m. The proposal followed a first offer in February 2016.

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• GPs
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• Apollo Management