From CNBC: 2024-11-25 02:03:39

UniCredit offers around 10 billion euros to acquire Banco BPM, separate from its pursuit of Commerzbank. The deal, if completed, would merge two of Italy’s largest lenders. UniCredit aims to strengthen its position as a leading pan-European banking group. European banking sector sees consolidation trend. UniCredit also increased its stake in Commerzbank to 21%.

German government has not approved potential UniCredit-Commerzbank merger. Chancellor Olaf Scholz opposes hostile takeovers in banking sector. Berlin administration retains 12% stake in Commerzbank after divesting 4.5% in September. Banco BPM bids for Anima asset manager in 1.6-billion-euro deal. Banco BPM also buys 5% stake in Monte dei Paschi di Siena.

UniCredit reports 8% increase in quarterly net profit to 2.5 billion euros. Full-year net profit guidance raised to above 9 billion euros. Shares up 55% this year. Italian banking sector sees flurry of merger and acquisition activities. UniCredit and Banco BPM among major players in recent deals.

Read more: UniCredit offers to buy rival Italian lender Banco BPM for $10.5 billion