Unicredit/Capitalia: Carpe diem

Italian bank deals can be notoriously tortuous affairs. But Unicredit’s acquisition of Capitalia seems to have been wrapped up in double-quick time. In part, that reflects the strategic logic of combining these two businesses. But the deal has also been smoothed by the willingness of Unicredit boss Alessandro Profumo to go the extra mile. He is paying a decent price. At E8.41 a share, Capitalia is valued at E22bn or 2.3 times book value - that’s a 15% premium to the average for recent Italian b...