Official announcements from European and Italian financial regulatory bodies

UniCredit Bids €10.1 Billion to Acquire Banco BPM, Combining Italy's Second and Third Largest Banks

Nov 25, 2024, 07:43 AM

UniCredit, Italy's second-largest bank, has launched a surprise takeover bid for domestic rival Banco BPM, the country's third-largest bank. The proposed deal is an all-share offer valued at approximately $10.57 billion (€10.1 billion). UniCredit is offering 0.175 of its shares for each Banco BPM share. If successful, the acquisition would consolidate UniCredit's position in Italy and expand its pan-European presence. UniCredit's CEO Andrea Orcel indicated that the transaction aims to step up consolidation in Europe's fragmented banking sector. The bid potentially disrupts the Italian government's plans to create the country's third major banking group. UniCredit informed top Italian government officials and Banco BPM's chairman prior to announcing the bid.