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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'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 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, 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.
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.
UBS plans to cut approximately one third of its workforce in Italy, totaling 180 jobs. The reductions will primarily impact the Italian arm of UBS Europe SE, with 162 positions affected, while UBS Fiduciaria will see 18 job losses. Centralization of functions and a focus on global wealth management are driving these cuts, leaving investment banking roles untouched.
UBS plans to cut 180 jobs in Italy, approximately one-third of its workforce, as part of a restructuring effort. The majority of the reductions will occur at UBS Europe SE's Italian branch, affecting 162 positions, while UBS Fiduciaria will see 18 jobs eliminated. The bank emphasized that Italy remains a key area for future growth.
A group of Banco BPM investors, holding a 6.51% stake, has expressed opposition to UniCredit's bid for the bank, advocating instead for its standalone growth. The shareholders, including ENPAM and Fondazione Cassa di Risparmio di Lucca, are pleased with the bank's dividends and see potential for further growth through its diversified strategy.
Giulia Segreti
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
unicredit to launch buyout offer for banco bpm amid credit agricole stake increase
Euro
CREDIT AGRICOLE
Amundi S.A.
Banco BPM S.p.A.
Banca Monte dei Paschi di Siena
UniCredit S.p.A.
ITA
FRA
Valentina Za
Louise Heavens
Giulia Segreti
Andrea Orcel
Show more
09:12 02.04.2025
unicredit to launch buyout offer for banco bpm amid credit agricole stake increase
Euro
CREDIT AGRICOLE
Amundi S.A.
Banco BPM S.p.A.
Banca Monte dei Paschi di Siena
UniCredit S.p.A.
ITA
FRA
Louise Heavens
Giulia Segreti
Andrea Orcel
Show more
08:16 02.04.2025
unicredit secures approval for banco bpm takeover bid starting april 28
08:14 02.04.2025
unicredit secures approval for banco bpm share offer starting april 28
08:14 02.04.2025
unicredit secures approval for banco bpm share offer starting april 28
08:14 02.04.2025
ubs plans to cut 180 jobs in italy affecting one third of workforce
18:18 01.04.2025
ubs plans to cut 180 jobs in italy as part of restructuring
18:18 01.04.2025
Banco BPM investors oppose UniCredit bid favoring standalone growth strategy
19:03 25.03.2025
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