The agreement, which covers 30.86 per cent of BNL’s share capital, makes a tender offer mandatory under Article 109 of the Consolidated Law on Finance. The offer is to be made exclusively by UNIPOL, with the other parties to the shareholders’ agreement jointly and severally liable.
•  Second, although large banks in the euro area and the US are of roughly similar size, large banks’ balance sheets in the euro area represent a much larger share of any individual country’s GDP in the euro area. This implies that bank failures in the euro area can easily call into question state solvency.