{
}
Unicredit's unexpected offer for Banco BPM has raised concerns among stakeholders, who view the bid as undervalued. Alternative scenarios for Banco BPM include remaining independent, merging with Banco Mps, or forming an international bank with Credit Agricole. Meanwhile, Unicredit's plans for Anima are complicated by its takeover bid for Banco BPM and the significant state ownership in the asset management group.
UBS has upgraded Banco BPM from "Neutral" to "Buy," raising the target price from 6.80 euros. The bank, a key player in Italy's consolidation efforts, is expected to maintain positive performance, with resistance levels at 7.371 and 7.431, and support at 7.311.
UniCredit CEO Andrea Orcel announced that the bank has until mid-March to revise its takeover bid for Banco BPM. During a closed-door meeting with investors, he indicated that most anticipated savings from the acquisition would not stem from job cuts.
Andrea Orcel, head of Unicredit, is pursuing a simultaneous hostile takeover of Commerzbank and Banco BPM, raising questions about whether this bold strategy reflects brilliance or megalomania. This high-stakes move could jeopardize his own position within the bank.
In December 2024, the Italian equity market faced challenges, with the FTSEMIB down 3.2% amid disappointing corporate forecasts and geopolitical shifts following Trump's election. Mergers and acquisitions in the banking sector accelerated, particularly with UniCredit's moves on Commerzbank and Banco BPM, while European economic growth showed signs of weakness, prompting cautious investment strategies focused on utilities and select financial stocks.
Banco BPM CEO Giuseppe Castagna has alerted employees that a potential takeover by UniCredit could jeopardize over 6,000 jobs. He expressed concerns regarding the bidder's estimated cost synergies, which amount to more than a third of Banco BPM's cost base.
Credit Agricole faces a challenge following UniCredit SpA's unsolicited bid for Banco BPM SpA, which was announced with minimal premium over the recent share price. Credit Agricole holds a 9.2% stake in Banco BPM and has an existing partnership with the bank in Italy.
Banco BPM has rejected UniCredit's unexpected €10 billion ($10.5 billion) takeover offer, stating it does not reflect its profitability or potential for growth. The board expressed concerns over the rapid timeline of a merger, which could undermine the bank's legal autonomy and expansion plans, particularly in Germany. UniCredit's CEO emphasized the need for larger banks in Europe to enhance economic competitiveness, while the Italian government has shown mixed reactions to UniCredit's ambitions.
Banco BPM SpA has rejected UniCredit SpA's takeover bid, stating it was not pre-agreed, undervalues the bank, and could negatively impact jobs and competition in Italy. The board unanimously deemed the offer inadequate, emphasizing the potential for greater value creation for shareholders.
Banco BPM SpA is preparing to discuss UniCredit SpA's unexpected $11 billion takeover bid, which has unsettled financial markets and the Italian government. The board of directors will meet on Tuesday to address the unsolicited offer, with discussions expected to center on the implications of this move.
Banco BPM S.p.A.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Unicredit Pursues Banco BPM Amid Complications with Anima and Commerzbank Deals
Euro
Commerzbank AG
Banco BPM S.p.A.
CREDIT AGRICOLE
UniCredit S.p.A.
ITA
Giuseppe Castagna
Andrea Orcel
Show more
16:49 05.12.2024
UBS Upgrades Banco BPM to Buy with Increased Target Price
12:08 05.12.2024
UniCredit CEO Has Until March to Revise Banco BPM Takeover Bid
09:13 05.12.2024
Unicredit's bold takeover bid for Commerzbank and Banco BPM raises concerns
19:00 03.12.2024
banking sector consolidation amid economic challenges and shifting market dynamics
Commerzbank AG
Buzzi S.p.A.
DiaSorin S.p.A.
A2A S.p.A.
De' Longhi SpA
FILA
Banco BPM S.p.A.
Enel SpA
Iveco Group N.V.
Iren SpA
Text S.A.
Anima
UniCredit S.p.A.
Leonardo S.p.a.
Unipol Comp.1 Obbl Misto Euro
EL.En. S.p.A.
Pirelli & C. S.p.A.
ITA
Show more
08:00 03.12.2024
Banco BPM CEO warns of 6000 job cuts from UniCredit takeover
12:06 27.11.2024
credit agricole faces challenge amid unicredit bid for banco bpm
17:15 26.11.2024
Banco BPM rejects UniCredit's takeover bid citing profitability concerns
Euro
UniCredit S.p.A.
Banco BPM S.p.A.
Commerzbank AG
Banca Monte dei Paschi di Siena S.p.A.
ITA
DEU
Andrea Orcel
Giancarlo Giorgetti
Show more
12:54 26.11.2024
banco bpm rejects unicredit bid citing low valuation and job concerns
12:41 26.11.2024
banco bpm to evaluate unicredit's unexpected 11 billion dollar takeover offer
09:18 26.11.2024
Trending
Subcategory
Corporate News
Industry Trends
Startups & Entrepreneurship
Retail and Consumer Goods
Supply Chain Management
Global Trade Developments
Stock Market Updates
Government Economic Policies
Industry Mergers & Acquisitions
Energy Sector Developments
Workplace Trends
Funding Rounds & Investments
CEO Changes
AI Applications
Private Equity Deals
Emerging Startups
Fintech Startups
AI Innovations
Global Financial Events
Central Bank Actions
Countries:
Companies:
Apple Inc.
Google Inc.
Tesla, Inc.
Amazon.com, Inc.
Microsoft Corporation
Tesmec S.p.A.
Alphabet Inc.
OpenAI ERC USD
Walmart Inc.
SWIGGY LIMITED
TENCENT
NVIDIA Corporation
Foxconn Technology Co., Ltd.
Hollywood Bowl Group PLC
NASDAQ Composite
Wise plc
Mastercard Inc
Bose Corporation
Mistral 1
Fast Retailing Co., Ltd.
Currencies:
United States Dollar
Indian Rupee
Chinese Yuan
Euro
Japanese Yen
British Pound Sterling
United Arab Emirates Dirham
Vietnamese Đồng
South Korean Won
New Zealand Dollar
Saudi Riyal
Thai Baht
Australian Dollar
Indonesian Rupiah
Singapore Dollar
Omani Rial
Bahraini Dinar
Qatari Riyal
Algerian Dinar
Egyptian Pound
People: