(CercleFinance.com) – RBC renewed on Friday its ‘outperformance’ opinion and its target price of 65 euros on BNP Paribas in reaction to the appearance in the press of information lending to the French bank the intention to buy the Dutch institution ABN Amro.
According to an article published by Bloomberg, BNP has contacted the Dutch government with a view to resuming its 56% stake in ABN’s capital.
According to the financial information agency, the Dutch state does not wish to cede control of the banking group, however, favoring the scenario of targeted securities sales.
From RBC’s point of view, such a scheme is not likely to interest BNP Paribas, which would prefer to acquire all the shares as part of a takeover bid.
The Canadian broker, however, considers that it would be surprising for the French giant to embark on an operation of such magnitude, even if the sale of the Californian bank BancWest could give it the means.
The broker also stresses that the integration of ABN would be complementary to its activities, both in geographical terms and in terms of business lines.
In any case, RBC believes that BNP will prefer to use the funds from the BancWest operation to bring about ‘transformational’ changes within the group, and not to expand into new territories.
He also recalls that this is not the first time that ABN has been presented as a possible target, since press reports in 2016 had mentioned a potential interest from the Swedish bank Nordea, without any transaction materializing.
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