MW UniCredit makes EUR10.1 billion bid for Banco BPM
UniCredit (IT:UCG) on Monday launched a EUR10.1 billion ($10.6 billion) bid for Banco BPM (IT:BAMI), which itself has been trying to buy fund manager Anima Holding (IT:ANIM). UniCredit said its offer of 0.175 of its shares for each Banco BPM share implied an offer of EUR6.657 a share, a 0.5% premium to Friday's close and a 15% premium to the price on Nov. 6 before the Anima bid. "The complementary nature of the businesses across both geographies and client segments together with UniCredit's demonstrated execution capability means the Board considers the combination to represent a manageable execution risk," said UniCredit.
-Steve Goldstein
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November 25, 2024 02:30 ET (07:30 GMT)
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