UniCredit has made a formal offer to acquire Banco BPM for approximately €10 billion. This move is separate from UniCredit's interest in Commerzbank.
The acquisition would merge two of Italy's largest banking institutions and consolidate UniCredit's influence in the European financial landscape. The offer stands at €6.657 per share, representing a slight premium over Banco BPM's closing price. The transaction would be executed as an all-stock deal, enhancing UniCredit's stature as a leading pan-European banking group.
Following the announcement, shares of UniCredit declined while Banco BPM's stock surged. This acquisition proposal comes amid a wave of merger and acquisition activity within the European banking sector.
UniCredit had already increased its stake in Commerzbank and sought permission to raise this holding. However, the German government has yet to approve any potential merger. Market analysts have expressed surprise at UniCredit's pursuit of both Banco BPM and Commerzbank, noting the complexity and operational risks involved.
Banco BPM has also been active in the market, making a bid for asset manager Anima and acquiring a stake in Monte dei Paschi di Siena.
UniCredit's financial performance has been robust, with an 8% year-on-year increase in quarterly net profit. The bank has raised its full-year net profit guidance. UniCredit's acquisitions will have implications for its operational strategy and the broader banking sector.
The potential merger with Banco BPM could reshape the competitive landscape in Italy, while the interest in Commerzbank raises questions about UniCredit's long-term strategy in the European market.