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.
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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.
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By GlobalDataThe 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.
