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UniCredit Spa's board has approved a capital increase to support a full takeover bid for Banco BPM, excluding pre-emptive rights. This decision, made on March 30, follows a proxy from an extraordinary shareholders' meeting on March 27, and aims to issue new shares for Banco BPM shareholders. Additional documentation will be released on March 31, including a fairness opinion from KPMG.
UniCredit SpA has received approval from the European Central Bank to acquire Banco BPM SpA, a smaller Italian competitor. This clearance allows UniCredit to gain direct control of Banco BPM and its subsidiaries, including Anima Holding SpA. The final step for the approval process will be completed by the Italian market regulator Consob next week.
UBS has downgraded Banco BPM's stock rating from Buy to Neutral while raising the price target to €10.00 from €9.40, citing limited growth potential due to the stock's premium valuation and pending approval of the Danish Compromise. Despite a 30% year-to-date increase and a 65% rise over the past year, analysts have adjusted earnings estimates for 2025-2029 upward by only 2-3%, reflecting a cautious outlook on revenue growth and increased provisions.
UBS has downgraded Banco BPM's stock from Buy to Neutral, raising the target price to €10 from €9.40, citing limited valuation benefits from Anima's earnings integration and the stock's premium trading status. Despite a 30% rise this year and a 65% increase over the past year, analysts express caution regarding future growth, with profit forecasts for 2026-2027 falling short of the bank's targets. The outlook includes expectations of moderate revenue growth and potential increased provisions, influenced by the pending approval of the Danish Compromise.
UniCredit Spa has received approval from the Central Bank of Ireland to acquire an indirect controlling interest in BBPM Life, a life insurance company regulated under Irish law. This move is part of a voluntary total exchange offer for all ordinary shares of Banco BPM Spa. Following this announcement, UniCredit's shares fell by 2.8% to EUR53.41.
Banco BPM CEO Giuseppe Castagna criticized UniCredit's recent statement amid escalating tensions in their takeover battle. UniCredit threatened to withdraw its bid for Banco BPM if the latter secures shareholder approval for a change in its own offer for Anima Holding.
Italian banks have reduced their debt exposure to toy manufacturer Giochi Preziosi SpA amid ongoing restructuring discussions. Banco BPM SpA and UniCredit SpA transferred their debts to DeA Capital, while Intesa Sanpaolo SpA sold its exposure to Sagitta SGR SpA, advised by Europa Investimenti.
Banco BPM SpA saw a significant rise in Milan trading after Credit Agricole SA increased its stake in the bank, which is Italy's third-largest. The stock climbed as much as 3.9%, reaching its highest point in over eight years, and boosting the bank's market value to €11.6 billion ($12.3 billion). In contrast, UniCredit's shares fell by 1.1%.
Credit Agricole SA has increased its stake in Banco BPM SpA to 15.1% amid a takeover bid from UniCredit SpA. The French bank acquired financial instruments to secure an additional 5.2% stake and plans to settle these trades once it receives the necessary approval, while clarifying it does not intend to launch a tender offer for Banco BPM shares.
Banco BPM SpA
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