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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.
Intesa Sanpaolo (OTCMKTS:ISNPY) has been upgraded to a "strong-buy" rating by BNP Paribas, while Kepler Capital Markets has assigned it a "hold" rating. The stock opened at $31.89, with a 52-week range of $20.71 to $32.62, and operates across various financial sectors in Italy.
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.
Intesa Sanpaolo's governance sees the confirmation of Gian Maria Gros-Pietro as president and Charles Messina as CEO, alongside Paola Tagliavini as the first female vice-president. The bank's six shareholder foundations, holding 17.87% of capital, praised Messina's effective leadership, which has driven a 107% stock growth and significant profits, including a net profit of €8.7 billion for 2024.
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.
Amidst a complex geopolitical landscape, the EU is grappling with its relationship with China, particularly in the electric vehicle sector, where an anti-subsidy investigation has been launched against Chinese automakers. The Huawei corruption scandal has further strained ties, leading to increased scrutiny and calls for bans on its devices in EU institutions. Despite these tensions, China remains a significant trading partner for the EU, with a trade surplus that raises concerns about dependency and influence.
Belgian authorities have accused Huawei executives of approving bribes to EU lawmakers in 2021, involving €15,000 to an MEP and €1,500 to co-signers of a letter supporting Huawei. Four individuals have been arrested for corruption, while a fifth faces money laundering charges. The case raises concerns about EU corruption and Huawei's influence, as some member states restrict its equipment in critical infrastructure.
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 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.
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.
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