(Bloomberg) -- UniCredit SpA said Monday it has started a bid to take over domestic rival Banco BPM.
The lender “hereby gives notice of its decision taken on 24 November 2024 to launch a voluntary public exchange offer” for all of the ordinary shares of Banco BPM, it said in a release.
The bid comes while UniCredit Chief Executive Officer Andrea Orcel is also considering an acquisition of Germany-based Commerzbank AG after buying a large stake in it.
Banco BPM earlier this month bought a stake in Banca Monte dei Paschi di Siena SpA. It’s also seeking to take over asset manager Anima.
UniCredit’s offer for the lender is an all-shares one. It’s proposing 0.175 newly issued shares for each one from BPM.
(Updates with context from second paragraph.)
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