3 July 2020
- Paolo Sersale, Tanja Svetina, Stefano Parrocchetti Piantanida, Elisa Ielpo, Alberto Maero, Simonetta Candela, Lucio Bonavitacola, Luciano Di Via, Carlo Galli, Andrea Sgrilli
- Milan, Rome
Clifford Chance advised Amco S.p.A. in the context of a partial non-proportional demerger project with asymmetric option of a compendium of non-performing exposures from Banca Monte dei Paschi di Siena
International law firm Clifford Chance advised Amco S.p.A., a leading specialist in NPE management, in the partial non-proportional demerger project with asymmetric option of a compendium of non-performing exposures, including assets for an aggregate gross value of €9 billion and liabilities including a €3 billion bridge loan, from Banca Monte dei Paschi di Siena, a leading Italian banking group, in favor of Amco.
The transaction, which is provided with innovative aspects, aims at allowing Amco S.p.A. to consolidate its leadership in the UTP sector in Italy and will lead Banca Monte dei Paschi di Siena to further advance in the de-risking plan, creating the basis for a recovery of its profitability.
Clifford Chance assisted Amco S.p.A in all the areas of the transaction – M&A, Finance, Tax, Labour Antitrust, Public Law and Litigation – which required the expertise of a broad and multidisciplinary team led by partner Paolo Sersale and composed by counsel Stefano Parrocchetti Piantanida, associate Elisa Ielpo and Giulia Ricci (all Corporate, Milan); Partner Tanja Svetina, senior associate Luca Maria Chieffo, associate Alberto Maero and Marco Convertini and Benedetta Monestier for funding and structured finance aspects (all Finance, Milan); partner Simonetta Candela (Labour, Milan); partner Lucio Bonavitacola for regulatory profiles (Finance, Milan); partner Luciano Di Via and senior associate Pasquale Leone (Antitrust, Rome); partner Carlo Galli and senior associate Andrea Sgrilli (Tax, Milan); partner Aristide Police (Public Law, Rome); senior associate Andrea Tuninetti Ferrari with associate Diego Ferrero for all aspects relating to the transfer of litigations and data (both Litigation, Milan).