 After the capital increase of Banco Popolare in mid-2016, the final exchange ratio would be 1 share of Banco Popolare to 1 share of Banco BPM, as well as 6.386 share of Banca Popolare di Milano to 1 share of Banco BPM.Banca Popolare di Milano also offered to repurchase the shares if the shareholders against the merger or absent from the extraordinary shareholders meeting, for a price of €0.4918.Eventually BPM bought back 178,936,966 shares, or €88,001,199.88, equivalent to 4.07% of the total number of shares.