UniCredit offers to buy smaller rival Banco BPM for over $10B

seekingalpha11-25 17:15

Alexandros Michailidis/iStock Editorial via Getty Images Italian lender UniCredit (OTCPK:UNCRY) has offered to acquire smaller local rival Banco BPM (OTCPK:BNCZF) in a surprise all-stock deal valued ...

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The company is offering 0.175 newly issued UniCredit shares for each existing Banco BPM share, implying an offer price of €6.657 ($6.98) per share and a premium of about 0.5% based on official prices as of November 22.  UniCredit (OTCPK:UNCRY) expects high single-digit EPS accretion within two years following the settlement of the exchange offer. The acquisition offer is independent of UniCredit's (OTCPK:UNCRY) investment in German lender Commerzbank (OTCPK:CRZBF). UniCredit (OTCPK:UNCRY) recently raised its stake in Commerzbank (OTCPK:CRZBF) to around 21%, with plans to own up to 29.9%. Earlier this month, Banco BPM (OTCPK:BNCZF) launched a €1.6B ($1.68B) takeover bid for Italian asset manager Anima Holding. It also bought a 5% stake in the Tuscan state-owned bank Monte dei Paschi di Siena, the primary distributor of Anima's products. 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