What happened? IFIS announced to have achieved c92.5% share capital of Illimity following the extension of the tender period. This means that the condition for paying the cash premium has been met. BNPP Exane View: We see the news as positive as the high acceptance accelerate the integration process and the synergies extraction. As we discussed (link - BANCA IFIS: Exploring a potential tie-up), we confirm the solid industrial rationale of the deal that generates a stronger player in both cor ....