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UniCredit SpA's unexpected €10 billion all-share bid for Banco BPM SpA has thrown Prime Minister Giorgia Meloni's government into disarray, raising questions about the viability of plans to establish Italy's third major banking group. Officials are puzzled by CEO Andrea Orcel's motives behind the surprise move.
UniCredit CEO Andrea Orcel indicated a shift in strategy regarding the potential acquisition of Commerzbank AG, expressing a willingness to be more patient following his bid for Banco BPM SpA. He noted that expanding in Italy enhances their options and reduces the urgency to finalize the Commerzbank deal.
Unicredit has launched a voluntary public exchange offer to acquire all shares of Banco Bpm, with a total value of €10.09 billion. This significant move is expected to have substantial economic and banking implications.
UniCredit has proposed to acquire Banco BPM for approximately €10 billion ($10.5 billion), offering €6.657 per share, slightly above its recent closing price. This all-stock deal aims to strengthen UniCredit's position as a leading pan-European banking group, amid ongoing consolidation in the European banking sector. While shares of Banco BPM rose 5%, UniCredit's shares fell 1.7%, reflecting market uncertainty about the feasibility of simultaneously pursuing this acquisition alongside its stake in Commerzbank.
European stocks opened higher, with the Stoxx 600 index up 0.5%, led by gains in household goods and autos. In Asia-Pacific, Australia's S&P/ASX 200 reached a record high, while Japan's Nikkei rose 1.3%. Meanwhile, Atos received a non-binding offer from the French government for its advanced computing activities, and UniCredit proposed acquiring Banco BPM for about €10 billion.
Anima Holding SpA"s top shareholder, Dunas Capital Asset Management, has criticized Banco BPM SpA"s €1.6 billion all-cash offer of €6.20 per share, stating it undervalues the Italian asset manager. Dunas, which holds 0.6% of Anima, estimates the fair value at approximately €8.40 per share.
Italian Finance Minister Giancarlo Giorgetti has engaged the country's wealthiest investors, including billionaire Francesco Gaetano Caltagirone and the Del Vecchio family, to facilitate the return of Banca Monte dei Paschi di Siena SpA to private ownership. Over ten days, he secured support from Banco BPM SpA, along with approvals from the Bank of Italy and the European Central Bank.
Monte dei Paschi di Siena (Mps) is undergoing significant changes, with the government facilitating a share placement that attracts large investors and opens the door to potential mergers. Deputy Prime Minister Matteo Salvini highlights the bank's resilience and investment appeal, while Banco BPM's recent acquisition of a stake in Mps raises speculation about a merger, potentially in 2024, which could enhance economic efficiency and product distribution. The strategic moves aim to stabilize Mps and strengthen its role in the Italian banking sector.
Banco BPM S.p.A.
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