At the close of the third week of its public exchange offer (OPS), UniCredit's bid for Banco BPM continues to see minimal participation.
According to figures released by Borsa Italiana, as of today's close, just 251,749 Banco BPM shares have been tendered to the exchange offer, representing a mere 0.016615% of the bank's capital.
The OPS, which was announced at the end of November, launched on April 28 and is set to conclude on June 23.
In its attempt to acquire the bank's entire capital, UniCredit is offering 0.175 of its own shares for every Banco BPM share. At current market prices, this implies a discount of over 6% compared to Banco BPM's stock price on Piazza Meda.
(Reporting by Claudia Cristoferi, editing by Stefano Bernabei)
