UniCredit made a 10 billion euro offer to acquire its Italian rival Banco BPM, adding to a recent surge in banking mergers across Europe.
UniCredit on Monday offered to acquire its domestic rival Banco BPM for roughly 10 billion euros ($10.5 billion). This move follows a string of banking mergers and acquisitions in Europe . In September, UniCredit increased its stake in Commerzbank to around 21% and submitted a request to raise the holding to up to 29.9%. UniCredit states that this pursuit of the German bank is separate from its bid for Banco BPM. The deal would, if successful, merge two of Italy's largest lenders.
UniCredit announced in a statement that it is offering 6.657 euros for each share, a slight premium on Friday's closing price of 6.644 euros. UniCredit claims the all-stock purchase will allow the bank to 'further strengthen its role as a leading pan-European banking group.' This news comes amidst a wave of merger and acquisition announcements in the European banking sector this year. The industry has long been considered ripe for consolidation, with cash-rich UniCredit frequently mentioned as a potential acquirer
Banking M&A Unicredit Banco BPM Europe Consolidation
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