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MILAN - The boards of directors of midsized Bipop-Carire SpA and Banca di Roma SpA, the nation's fourth largest bank, agreed Saturday to merger terms after six weeks of negotiations.
The banks said that share exchange ratios to carry out the deal were approved, but did not release details, and Italian news reports said that five out of 19 Bipop board members present voted against the deal, which would solidify Banca di Roma's position as Italy's fourth-largest bank, with total assets of euro 165 billion ($143 billion) and bolster its position in the wealthier northern part of the country.
Credit Suisse First Boston, Lehman Brothers Inc. and Schroder Salomon Smith Barney are advising Banca Di Roma on the merger. Morgan Stanley and Rothschild Italia are serving as Bipop-Carire's financial advisors.
The deal values Bipop-Carire at roughly euro 3.6 billion to...