A Banco BPM SpA slope subdivision successful Milan, Italy, connected Friday, Nov. 15, 2024.
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Italian lender Banco BPM connected Tuesday said the unexpected takeover connection by home rival UniCredit does not bespeak its profitability.
The 10 billion-euro ($10.52 billion) bid presented by UniCredit connected Monday was not antecedently agreed and was delivered connected "unusual" terms, the Banco BPM committee of directors said successful a CNBC-translated statement.
It besides fails to bespeak Banco BPM's profitability and imaginable for further worth creation, the committee added, flagging that the brisk timeline of a imaginable merger — expected "in the shortest clip possible" — would harm the lender's ineligible autonomy.
The Banco BPM bid comes 2 months aft Unicredit, Italy's second-largest bank, set sights connected a imaginable takeover of Germany's Commerzbank.
Banco BPM's committee said Unicredit's connection exposes its stakeholders to these enlargement plans successful Germany, which correspond a "significant dilution of the contiguous geographical exposure, alternatively of an charismatic attraction of Banco BPM successful the astir dynamic regions of the state and of the Euro zone."
CNBC has reached retired to UniCredit for comment.
On Monday, the slope offered to wage 6.657 euros for each stock of Banco BPM — marking lone a flimsy premium connected Friday's adjacent terms of 6.644 euros — arsenic portion of an all-stock deal.
This breaking quality communicative is being updated.
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