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10 billion euros ($10.52 billion). Speech Banco BPM’s board of directors said in a statement translated by CNBC that the offer from UniCredit on Monday was not previously agreed upon and was provided on “extraordinary” terms.
It also fails to reflect Banco BPM’s profitability and potential to create further value, the board said, adding that the accelerated timeline of the potential merger – expected “in the shortest possible time” – would be the legal basis for the lender. It will damage the sovereignty.
The Banco BPM bid comes two months after Unicredit, Italy’s second-largest bank. Keep an eye on the potential takeover of Germany’s Commerzbank. These ambitions have met with strong opposition from the German government.
Banco BPM’s board said Unicadet’s offer exposes its stakeholders to uncertainty surrounding expansion plans in Germany, rather than Banco BPM’s attractive concentration in the country’s most dynamic regions and the euro. “May represent a significant reduction in current geographic exposure. Zone.”
UniCredit CEO Andrea Orsel said on Monday that the Banco BPM transaction would be prioritized over any potential deal with Commerzbank. According to Reuters.
CNBC has reached out to UniCredit for comment.
Milan-listed shares of UniCredit were flat at 12:37 p.m. London time on Tuesday, while Banco BPM stock fell 0.20 percent.
‘historical target’
On Monday, the bank offered to pay 6.657 euros for each Banco BPM share – marking only a slight premium to Friday’s close of 6.644 euros – as part of an all-stock deal. as In a statement accompanying the bid, Orcel described Banco BPM as a “historic target” – fueling media reports that UniCredit had previously launched a union with its domestic partner in 2022. what was
“Europe needs strong, big banks to help grow its economy and compete against other major economic blocs. Thanks to the work done over the past three years, UniCredit is now well placed to respond to this challenge.” is in position.” Orcel said.
Its consolidation overtures have yet to bear fruit as UniCredit awaits approval from the European Central Bank to increase its current 21% holding in Commerzbank to 29.9% – and to be approved by the Italian government for its domestic project. has been well received so far.
“The safest way to lose a war is to engage on two fronts, although that rule may not hold true this time,” Economy Minister Giancarlo Giorgetti said on Monday of UniCredit’s ambitions for Banco BPM and Commerzbank. According to Italian newswire ANSA.
The stage was set for Italian M&A earlier this month when Banco BPM acquired a 5% holding in Monte di Paschi – the world’s oldest lender and itself UniCredit until the end of talks in 2021. A former takeover target – as the government sought to dilute its stake. Bailout Bank. At this time, Banco BPM said It did not intend to submit a potentially overreaching application to acquire more than 10% in Monte dei Paschi.