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Italy’s BPER Proposes Buying Troubled Carige for Token Price

A logo sits on a wall outside the headquarters of Banca Popolare dell'Emilia Romagna SC (BPER) in Modena, Italy, on Friday, March 7, 2014.  Photographer Alessia Pierdomenico/Bloomberg

A logo sits on a wall outside the headquarters of Banca Popolare dell'Emilia Romagna SC (BPER) in Modena, Italy, on Friday, March 7, 2014.  Photographer Alessia Pierdomenico/Bloomberg

Photographer: Alessia Pierdomenico

Italian lender BPER Banca SpA offered to take over troubled Banca Carige SpA for a token price on the condition that the move doesn’t harm its capital and boosts its earnings. 

Modena-based BPER submitted a non-binding offer to Italy’s FITD interbank fund for the 88.3% of Carige that’s been held mainly by the fund following a state-sponsored rescue two years ago, according to a statement late Tuesday.