Banco BPM SpA has strongly opposed the takeover bid from UniCredit SpA, claiming that the offer is insufficient and not previously agreed upon.
The bank's board unanimously criticized the proposal, stating that it does not adequately reflect the bank's profitability and potential for creating value for its shareholders.
Banco BPM expressed concerns that the deal could have negative effects on employment and competition in Italy's banking industry. The bank emphasized that its evaluation of UniCredit's offer was done with the best interests of its shareholders in mind, reaffirming its opposition to the proposed acquisition.