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UniCredit has received final approval from Italy’s market watchdog Consob for its €14 billion all-share bid for Banco BPM, allowing the tender offer to commence on April 28 and run until June 23. The bank is offering 0.175 of newly-issued shares for each Banco BPM share, marking a significant move in the competitive Italian banking sector, which has seen a resurgence in profits following recent high interest rates.
UniCredit will launch its buyout offer for Banco BPM on April 28, coinciding with Credit Agricole's announcement of securing approval to increase its stake to 19.9%. Despite ruling out a counterbid, Credit Agricole remains a significant obstacle for UniCredit's CEO Andrea Orcel, who aims to consolidate the Italian banking sector. The offer, valued at €14 billion, will run until June 23, amidst a backdrop of rising profits in Italy's banking industry following recent reforms.
Credit Agricole has received approval from the European Central Bank to increase its stake in Banco BPM, now holding 19.8%. The French bank clarified that it does not plan to make a public offer for the Italian lender's capital.
UniCredit has received final approval from Italy's market watchdog Consob for its €14 billion all-share bid for Banco BPM, allowing the tender offer to commence on April 28 and run until June 23. The bank is offering 0.175 newly-issued shares for each Banco BPM share. This bid is part of a series of hostile takeovers in the Italian banking sector, which has recently seen record profits amid high interest rates.
UniCredit has received final approval from Italy's market watchdog Consob for its €14 billion all-share bid for Banco BPM, allowing the tender offer to commence on April 28 and run until June 23. The bank is offering 0.175 newly-issued shares for each Banco BPM share, following prior approval from the European Central Bank. This bid is part of a series of significant moves in the Italian banking sector, which has recently seen record profits amid high interest rates.
UniCredit has received final approval from Italy's market watchdog Consob for its €14 billion all-share bid for Banco BPM, allowing the offer to commence on April 28 and run until June 23. The bank will exchange 0.175 of its newly-issued shares for each Banco BPM share. This bid is part of a series of significant moves in the Italian banking sector, which has recently seen record profits amid rising interest rates.
Credit Agricole has increased its stake in Banco BPM, complicating UniCredit's upcoming €14 billion tender offer set for April 28. UniCredit's bid, cleared by Consob, will run until June 23, while Credit Agricole aims to maintain its commercial interests in Italy amid ongoing M&A activity in the banking sector. UniCredit's CEO, Andrea Orcel, has invited BPM investors to discussions, emphasizing the need for equal treatment of shareholders.
UniCredit S.p.A. has received regulatory approval from Italy's financial regulator, Consob, for its €14 billion all-share acquisition of Banco BPM S.p.A. This follows authorization from the European Central Bank and the Bank of Italy, allowing UniCredit to gain control over Banco BPM and its affiliated entities. Additionally, UniCredit previously secured ECB approval to increase its stake in Commerzbank to 29.9%.
UniCredit has received final approval from Italy's market watchdog Consob for its €14 billion all-share bid for Banco BPM, allowing the tender offer to commence on April 28 and run until June 23. The bank is offering 0.175 of newly-issued shares for each Banco BPM share, following prior approval from the European Central Bank. This bid is part of a series of hostile offers impacting the Italian banking sector, which has recently seen record profits amid high interest rates.
Credit Agricole has received authorization from the ECB to increase its stake in Banco BPM S.p.A. to 19.9%. As Italy's third largest banking group, Banco BPM operates across six key areas, including private and investment banking, insurance, and asset management, with a network of 1,437 branches and significant current deposits and loans totaling EUR 102.5 billion and EUR 129.3 billion, respectively.
Banco BPM S.p.A.
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