(Alliance News) - UniCredit Spa's takeover offer for Milanese bank Banco BPM Spa is only a "starting point," CEO Andrea Orcel told Bloomberg on Tuesday.
UniCredit confirmed in November that it had made a share offer worth EUR10 billion for Italian rival Banco BPM, offering EUR0.175 UniCredit shares for each Banco BPM share.
UniCredit pointed out that the offered price represented a 15 percent premium to Banco BPM's share price unaffected by other offers in early November, when Banco BPM announced a takeover bid for asset management company Anima Holding Spa.
Orcel, in an interview with Bloomberg Television, called the offer a "fair starting point." However, he added that it is too early to decide whether to improve it.
Last month, Banco BPM sought protection from the regulator against UniCredit's takeover offer. Banco BPM said the reference to the undisturbed share price was "inappropriate and irrelevant." Instead, Banco BPM pointed out that the share price on the day before UniCredit's announcement is more relevant. Last month, Banco BPM said this would mean that UniCredit's offer carries only a 3.9 percent premium.
Bloomberg reported in early January that Italy is preparing to initiate a formal review of UniCredit's offer. However, Orcel told Bloomberg on Tuesday that UniCredit is able to win favor with regulators.
UniCredit shares are in the red by 0.8 percent, while Banco BPM is advancing 0.4 percent to EUR8.33.
By Eric Cunha, Alliance News news editor, and translated by Maurizio Carta
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