Passera gives in on Illimity: he hands over his shares to Banca Ifis' offer

Illimity's CEO, Corrado Passera, will also deliver to Banca Ifis' takeover bid the shares he directly and indirectly holds in the bank he founded. We are talking about 3.973% of the bank he launched, a note specifies.

The announcement came shortly before the last trading day valid for submitting shares to the offer began, and the message seems clear. On the other hand, already on Thursday evening, subscriptions to Banca Ifis' takeover bid for illimity had jumped to 52.3%, after shareholder La Scogliera (holding company of the Fustenberg family, parent company of Ifis) announced

a 5% bonus if the 90 percent threshold is exceeded.

A move that also led to the dissolution “by mutual consent” of the consultation agreement on 27.2% of Illimity's capital.