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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.
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.
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.
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.
In 2024, Sergio Ermotti, CEO of UBS, topped the list of Europe's highest-paid bankers with a salary of 15.6 million euros, followed by Andrea Orcel of Unicredit at 13.2 million euros, marking a 32% increase. The average salary for CEOs of the top 10 European banks was 7 million euros, driven by exceptional profits from rising interest rates. Despite the substantial compensation, criticism arose regarding the high pay of bank executives, prompting Unicredit to defend Orcel's salary increase as essential for long-term commitment in a competitive market.
Sergio Ermotti, Chairman of UBS, topped the list of highest-paid bankers in Europe for 2024, earning 14.9 million francs. Following him is Unicredit's Andrea Orcel with 13.2 million euros, and Deutsche Bank's Christian Sewing at 9.8 million. Many banks benefited from rising interest rates, leading to increased profits and remuneration.
UniCredit has initiated a tender offer for Banco BPM, pending approval from Italy's market regulator, Consob, with a potential delay of up to one month. The EUR 14 billion all-share bid, authorized by the European Central Bank, aims to strengthen UniCredit's position in Italy's banking sector amid ongoing consolidation trends. Despite Banco BPM's challenges with its Anima acquisition, the bid reflects a strategic move to enhance competitiveness against market leader Intesa Sanpaolo.
UniCredit S.p.A.
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