UniCredit Launches $10.57 Billion (€10 Billion) Takeover Bid for Banco BPM

Nov 25, 2024, 07:32 AM

Italian lender UniCredit has launched a takeover bid for rival Banco BPM, offering approximately $10.57 billion in an all-stock deal. The acquisition aims to combine Italy's second and third largest banks, enhancing their pan-European presence and contributing to the consolidation of Europe's fragmented banking sector. UniCredit's offer includes 0.175 shares for each Banco BPM share. The deal, also reported to be worth $11 billion and €10 billion, is part of UniCredit CEO Andrea Orcel's strategy to expand the bank's operations.