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UniCredit's $15.19 billion bid for Banco BPM has received approval from the European Central Bank (ECB). This significant move marks a pivotal moment in the banking sector, reflecting ongoing consolidation efforts within the industry.
UniCredit has received ECB approval for its bid to acquire Banco BPM, amidst a wave of hostile offers in the Italian banking sector, which is experiencing record profits due to high interest rates. The bank plans to issue shares to fund the bid, with regulatory clearance expected soon, although a tender launch may be delayed by a month. Meanwhile, BPM faces challenges with its Anima acquisition following a negative ECB assessment, which could impact its profitability and capital levels.
UniCredit has received approval from the European Central Bank for its €10.1 billion takeover bid for Banco BPM, Italy's third-largest bank. Banco BPM views the offer as hostile and has appealed to the Italian competition authority. Meanwhile, Banco BPM's shareholders have approved a revised bid for asset management group Anima, despite facing regulatory challenges from the ECB regarding the acquisition.
UniCredit S.p.A. has received approval from the European Central Bank and the Bank of Italy to acquire Banco BPM S.p.A. and Anima Group, marking a crucial step in its public exchange offer for Banco BPM shares. This authorization allows UniCredit to exceed ten percent of its consolidated own funds and is expected to facilitate the finalization of the offer document by Consob. The Board of UniCredit will meet on March 30, 2025, to discuss a capital increase related to the offer initiated on November 25, 2024.
UniCredit has received approval from the ECB and the Bank of Italy to acquire direct control of Banco BPM and indirect control of other companies within the Banco BPM and Anima groups. This move comes amid ongoing discussions regarding capital treatment related to the Anima deal and the bank's strategic plans.
UniCredit's CEO, Andrea Orcel, confirmed the bank's compliance with the European Central Bank's request to reduce its Russian assets, stating they are ahead of some supervisory demands. This assurance was given during a shareholder meeting, emphasizing the bank's commitment to regulatory expectations.
Banco BPM has dismissed concerns raised by UniCredit regarding its lending capabilities following a setback with Anima. The bank reassured stakeholders of its financial stability and ability to continue lending despite recent challenges.
Banco BPM's CEO Giuseppe Castagna dismissed UniCredit's concerns regarding the bank's lending capacity following a regulatory setback related to the Anima acquisition. Despite a negative opinion from the ECB affecting capital ratios, Castagna assured that current and projected capital levels remain adequate for continued lending. UniCredit, preparing a bid for BPM, emphasized that the ECB's stance supports the premium in its offer.
UniCredit S.p.A. experienced a significant decline in short interest, dropping 79.7% to 50,600 shares by March 15, with a short-interest ratio of 0.0 days. The stock traded down 1.5% to $29.46, with a 52-week range of $17.16 to $30.19. Analysts currently hold a "Hold" rating on the stock, suggesting that other investments may be more favorable.
Goldman Sachs has reduced its price target for UBS from 44.50 to 36.00 francs while maintaining a "Buy" rating. Analyst Chris Hallam noted that the outlook for European banks is the strongest in two decades, with institutions like Deutsche Bank and BNP Paribas poised to benefit, despite UBS facing stricter capital requirements.
UniCredit S.p.A.
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