FinanceUniCredit makes offer for Italian rival Banco BPM

UniCredit makes offer for Italian rival Banco BPM

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UniCredit has offered to buy Banco BPM, the European lender said on Monday, in a deal that values its Italian rival at €10bn ($10.5bn).

According to the bank, if completed the deal would create Europe’s third-largest lender by market capitalisation.

A deal would “allow the full enhancement of the potentialities of the two groups in Italy and the consequent further strengthening of a solid pan-European entity”, UniCredit said.

UniCredit’s offer represents a premium of 0.5 per cent on Banco BPM’s share price on Friday and a 14.6 per cent premium to the share price on November 6.

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