UniCredit CEO says $10.5 billion Banco BPM bid is fair as offer becomes binding
MILAN - UniCredit on Friday filed its buyout offer for rival Banco BPM with Italy's market regulator, and CEO Andrea Orcel said the price was adequate.
"We consider our initial offer to Banco BPM shareholders to be fair and appropriate," Orcel said in a statement. "We remain committed to our disciplined approach to all M&A, with any transaction having to prove a strategic fit and meeting, or exceeding, our core financial metrics," he said. UniCredit says the terms are a 15% premium to BPM's share price before BPM bid for fund manager Anima Holding on Nov. 6, a move that triggered gains in the stocks of both Anima and BPM.
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