UniCredit's Offer Is Attractive to Its Shareholders; to Banco BPM's, Not So Much -- Market Talk

Dow Jones

2024/11/25

0937 GMT - UniCredit's offer seems appealing to its own shareholders but not to those of Banco BPM, KBW analysts Hugo Cruz and Ben Maher write. This is because of the limited premium of around 0.5% to Banco BPM's share price on Friday that is being offered, and because of the already substantial synergies assumed, the analysts write. The offer has a threshold for approval of at least 66.67% of Banco BPM shareholder support, but this could be partially waived if UniCredit acquires at least 50% + 1 share, the analysts write. Banco BPM's largest shareholder is Credit Agricole, which holds an around 9% stake, they add. UniCredit shares trade down 4.3% at 36.46 euros, while Banco BPM shares trade up 3% at 6.84 euros. (adam.whittaker@wsj.com)

(END) Dow Jones Newswires

November 25, 2024 04:39 ET (09:39 GMT)

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(adam.whittaker@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 25, 2024 04:39 ET (09:39 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UniCredit's Offer Is Attractive to Its Shareholders; to Banco BPM's, Not So Much -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUniCredit's Offer Is Attractive to Its Shareholders; to Banco BPM's, Not So Much -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-25 17:39</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0937 GMT - UniCredit's offer seems appealing to its own shareholders but not to those of Banco BPM, KBW analysts Hugo Cruz and Ben Maher write. This is because of the limited premium of around 0.5% to Banco BPM's share price on Friday that is being offered, and because of the already substantial synergies assumed, the analysts write. The offer has a threshold for approval of at least 66.67% of Banco BPM shareholder support, but this could be partially waived if UniCredit acquires at least 50% + 1 share, the analysts write. Banco BPM's largest shareholder is Credit Agricole, which holds an around 9% stake, they add. UniCredit shares trade down 4.3% at 36.46 euros, while Banco BPM shares trade up 3% at 6.84 euros. (adam.whittaker@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 25, 2024 04:39 ET (09:39 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"UNCFF","symbol_name":"UniCredito Spa","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2486703726","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2486703726","pubTimestamp":1732527540,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0937 GMT - UniCredit's offer seems appealing to its own shareholders but not to those of Banco BPM, KBW analysts Hugo Cruz and Ben Maher write. 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","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"UNCFF":"UniCredito Spa","BK4207":"综合性银行","CRARY":"Credit Agricole SA"},"translate_title":"联合信贷银行的报价对其股东很有吸引力；对于Banco BPM来说，没那么多——市场言论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CRARY":0.9,"UNCFF":0.9},"content_text":"0937 GMT - UniCredit's offer seems appealing to its own shareholders but not to those of Banco BPM, KBW analysts Hugo Cruz and Ben Maher write. This is because of the limited premium of around 0.5% to Banco BPM's share price on Friday that is being offered, and because of the already substantial synergies assumed, the analysts write. The offer has a threshold for approval of at least 66.67% of Banco BPM shareholder support, but this could be partially waived if UniCredit acquires at least 50% + 1 share, the analysts write. Banco BPM's largest shareholder is Credit Agricole, which holds an around 9% stake, they add. UniCredit shares trade down 4.3% at 36.46 euros, while Banco BPM shares trade up 3% at 6.84 euros. (adam.whittaker@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 25, 2024 04:39 ET (09:39 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}