UniCredit CEO deems $10.5 billion Banco BPM bid fair, with share price above offer.

From Investing.com: 2024-12-13 18:30:40

UniCredit filed a 10-billion-euro buyout offer for Banco BPM, with CEO Andrea Orcel deeming the price fair. Shares in BPM closed above UniCredit’s offer price, indicating investor optimism. Orcel emphasized the need for a deal to create shareholder value, hinting at potential cash top-ups in the future. BPM has been a long-standing target for UniCredit, with Orcel previously hesitant due to M&A premium. UniCredit is offering a 0.5% premium to BPM’s share price pre-bid, with terms seen as favorable amidst domestic consolidation. UniCredit has invited BPM’s biggest shareholder, Credit Agricole, for talks on potential commercial partnerships.



Read more at Investing.com: UniCredit CEO says $10.5 billion Banco BPM bid is fair as offer becomes binding By Reuters