Official announcements from UniCredit or Banco BPM, financial news reports

Crédit Agricole Increases Banco BPM Stake to 15.1%, Complicating UniCredit's Bid

Dec 6, 2024, 07:10 PM

Crédit Agricole SA has increased its stake in Banco BPM to 15.1%, escalating the competition for control of the Italian bank. This move comes as UniCredit SpA faces a deadline until March to improve its bid for Banco BPM. Crédit Agricole has sought regulatory approval to boost its holding and has stated it will not launch a full takeover bid for Banco BPM at this time. The increase in stake by Crédit Agricole is seen as a strategic maneuver to strengthen its position in potential negotiations with UniCredit. The situation has intensified the ongoing banking consolidation in Italy, with shareholders of Banco BPM playing a pivotal role in deciding the bank's future.