CashNews.co
Italian banking group UniCredit has initiated an all-share bid for domestic competitor Banco BPM.
The move is part of UniCredit’s strategy to consolidate its competitive position and expand its presence within Italy.
It will see Banco BPM shareholders receiving 0.175 UniCredit shares for each share held.
The offer values each Banco BPM share at €6.657, marking a 0.5% premium over the stock price on 22 November 2024.
It would involve a maximum of 1,515,182,126 shares, equating to 100% of Banco BPM’s share capital.
This bid comes as UniCredit also explores a potential agreement with Germany’s Commerzbank, signalling a broader ambition to strengthen its role as a leading pan-European bank.
The proposed merger is indicative of the ongoing consolidation trend in the Italian banking sector.
It comes on the heels of Banco BPM’s acquisition of a 5% stake in Monte dei Paschi di Siena. Earlier this month, Banco BPM also launched a takeover bid for asset manager Anima Holding.
UniCredit’s move aims to create a more advanced banking entity capable of competing effectively both in Italy and on the international stage.
Recently, the Italian bank also completed the acquisition of a 90.1% stake in Alpha Bank Romania, the Romanian subsidiary of Greece’s Alpha Bank.
“Italy’s UniCredit makes buyout offer for Banco BPM” was originally created and published by Retail Banker International, a GlobalData owned brand.
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