(Alliance News) - As the filing with Consob of UniCredit Spa's offer document on Banco BPM Spa approaches, the latter's CEO, Giuseppe Castagna, continues his dialogue with investors and shareholders, particularly strengthening relations with Crédit Agricole SA, which has risen to 15.1 percent of Banco BPM's capital and aims to reach 19.9 percent.

The French bank thus emerges as a key partner between Andrea Orcel's bid and a possible defensive strategy of Banco BPM.

As Corriere Thursday points out, the Piazza Meda stock yesterday closed at EUR7.77, well above UniCredit's offer price of EUR6.6, which does not consider the value of sgr Anima Holding Spa, on which Banco BPM has launched a takeover bid.

Alberto Oliveti, president of the Enpam Foundation, a shareholder of Banco BPM, called the offer "too low."

Deutsche Bank analysts point out that Amundi, Crédit Agricole's asset manager, could benefit from the partnership with UniCredit, which is considered highly profitable, with significant impacts on the asset manager's balance sheet. An extension of the distribution agreement, which expires in 2027, could push the French to support Unicredit's offer.

Meanwhile, Monte dei Paschi could play a role should Banco BPM decide on a defensive strategy against UniCredit.

MPS, which had a CET 1 ratio of 18.4 percent in September, received the green light from the European Central Bank to distribute dividends without prior approvals.

Also yesterday, UniCredit announced the resignation of board member Marcus Johannes Chromik for new assignments while Berlin appointed Rothschild to sell 12% of Commerzbank AG.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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