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Banco BPM says UniCredit's 'unusual' $10.5 billion takeover offer does not reflect its profitability

26 November 2024
in World
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Banco BPM says UniCredit's 'unusual' .5 billion takeover offer does not reflect its profitability
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Italian lender Banco BPM rejected an unexpected takeover offer from domestic rival UniCredit, stating that the 10 billion-euro bid did not reflect its profitability and potential for value creation. The Banco BPM board of directors criticized the bid for being delivered on unusual terms and warned that a potential merger would harm the lender’s legal autonomy. UniCredit’s offer of 6.657 euros per share, only slightly above Friday’s closing price, was part of an all-stock deal that could expose Banco BPM stakeholders to the bank’s expansion plans in Germany, according to the board.

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Tags: 039unusual039BancoBanco BPM SpABanksBillionBPMbusiness newsofferprofitabilityreflecttakeoverUniCredit SpAUniCredit039s
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