Lodi/Antonveneta Loaded against you

Normally in takeover battles, one company makes a bid and a rival can then muscle in only if it offers more. But not in Italy. In fact, it is looking increasingly possible that Banca Popolare di Lodi might thwart ABN Amro’s E7.2bn bid for Banca Antonveneta without making an offer that’s more attractive – and perhaps without making a competing offer at all. Lodi would doubtless like to buy Antonveneta. It has already raised its stake in its domestic counterpart from 5% to 14% in just a few weeks....