Italian banking group UniCredit has obtained approvals from the European Central Bank (ECB) and the Bank of Italy to proceed with its plan to take over Banco BPM.
This move allows UniCredit to gain direct control of Banco BPM and indirect control of other entities within the Banco BPM Group and Anima Group, pending the successful outcome of their public exchange offer.
Go deeper with GlobalData
The €14bn ($15.1bn) all-share offer for BPM is among the multiple hostile bids impacting the Italian banking sector, which has recently reported record profits due to high interest rates after a difficult restructuring period post-2008-2012 crisis, reported Reuters.
In November 2024, UniCredit launched an all-share bid for Banco BPM as part of its strategy to strengthen its competitive position and enhance its presence in Italy.
The authorisations mark the final step before the Italian securities regulator, Consob, can complete the review of the offer document.
This document was initially submitted on 13 December 2024, with expectations for approval set for the following week.
UniCredit remains vigilant in monitoring recent developments, especially concerning BPM’s proceedings with its offer on Anima, which is proceeding without the Danish Compromise.
The acquisition authorisations exceed the 10% threshold of UniCredit Group’s consolidated own funds for direct and indirect participations.
Last month, UniCredit received approval from the ECB to acquire up to 29.9% of Germany’s Commerzbank.
The Italian bank currently holds a 9.5% direct stake in Commerzbank, along with an additional 18.5% via derivatives.
