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UniCredit's unsolicited public exchange offer for Banco BPM shares will run from April 28 to June 23, aiming to exchange up to 1.51 billion shares at a valuation exceeding €10 billion. The proposal has faced resistance from BPM's Board, which argues it undervalues the bank's profitability and growth potential, particularly after recent strong results. The outcome hinges on the response from Banco BPM's shareholders, notably Crédit Agricole.
UniCredit S.p.A., a major European banking group, reports that the ECB may evaluate its compliance regarding operations in Russia. The bank's income is primarily derived from corporate and investment banking (50.6%) and retail banking (48.9%), with a small portion from other activities. By the end of 2024, UniCredit managed EUR 499.5 billion in deposits and EUR 418.4 billion in loans, with a significant presence in Italy (44.9% of income) and notable operations in Germany (21.6%) and Central Europe (17.1%).
UniCredit has indicated that the European Central Bank (ECB) may impose additional supervisory measures if it finds the bank non-compliant with its April 2024 decision regarding its operations in Russia. The potential loss of its Russian unit in 2024 could reduce the bank's stated net profit from €9.7 billion to €4.2 billion. Any loss of control, including nationalization, would require derecognition of net assets valued at €5.5 billion.
UniCredit has indicated it may wait until the end of June to make a decision regarding its bid for Banco BPM. The payment date for the offer is set for July 1, 2025, and the bank retains the right to adjust its bid, including price improvements or waiving conditions. It is expected that any antitrust decisions will not significantly impact the transaction.
Italy’s financial regulator, Consob, has approved UniCredit’s public exchange offer for Banco BPM, set to launch on April 28, 2025. The offer involves exchanging up to 1.5 billion Banco BPM shares for 0.175 newly issued UniCredit shares, with the exchange closing on June 23, 2025. Settlement is scheduled for July 1, 2025, pending no extensions.
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's position poses a significant challenge to UniCredit's CEO Andrea Orcel's ambitions, especially after its strategic moves to bolster BPM's defenses. The offer, valued at €14 billion, will run until June 23, amidst a backdrop of rising profits in Italy's banking sector following recent turmoil.
UniCredit S.p.A., a major European banking group, will initiate a bid for BPM on April 28, coinciding with Credit Agricole increasing its stake. The group's income is primarily derived from corporate and investment banking (50.6%) and retail banking (48.9%), with a network of 3,039 branches, mainly in Italy. By the end of 2024, UniCredit is expected to manage EUR 499.5 billion in deposits and EUR 418.4 billion in loans, with significant income distribution across Italy, Germany, Central Europe, Eastern Europe, and Russia.
Sergio Ermotti, CEO of UBS, topped the list of Europe's highest-paid bank CEOs in 2024 with a total remuneration of CHF 14.9 million, significantly exceeding the average for the continent's largest banks. Unicredit's Andrea Orcel followed closely with €13.2 million, marking a 32% increase. Meanwhile, the remuneration of bank executives faces scrutiny amid ongoing integration efforts at UBS and disputes over future capitalization.
UniCredit has received approval from Italy's securities market regulator, Consob, for its offer document regarding the acquisition of Banco BPM. The tender period for the bid will commence on April 28 and conclude on June 23. Additionally, the bank has secured necessary approvals from the European Central Bank and Bank of Italy.
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 S.p.A.
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