By Andrea Figueras
Italian lender Banco BPM said it requested that Italy's securities market regulator, Consob, take measures to protect stakeholders and the market following last month's takeover bid from bigger rival Unicredit.
"We highlight that the transaction proposed by UniCredit does not recognize a premium in favor of our shareholders, as confirmed by the judgment of the market, which has been evaluating the exchange at a discount since day one," Chief Executive at Banco BPM Giuseppe Castagna said Tuesday.
Last month, Unicredit, Italy's second-largest bank by assets, made a $10 billion-plus bid for Banco BPM, which the latter rejected, saying that it undervalued the company.
In response to Unicredit's move, France's Credit Agricole said last week it would raise its stake in Banco BPM to 15.1%, seeking to cement its position as its largest shareholder.
Banco BPM said it will express its opinion on Unicredit's offer with the deadlines, instruments and according to the procedures provided by law.
However, it noted that the bid contains inappropriate information and doesn't take into account the transactions launched by the bank, starting with the takeover bid on Anima Holding.
In November, Banco BPM launched a cash offer for the asset manager valuing at 1.98 billion euros ($2.08 billion). The lender also took a 5% stake in Banca Monte dei Paschi di Siena from the Italian government. Anima holds a 4% stake in the latter, meaning Banco BPM's stake could grow to 9% if it acquires Anima.
Banco BPM also noted that Unicredit could bring uncertainty, citing the bank's situation in Germany and Russia. "I believe that our shareholders have the right to know what the possible developments, risks and associated costs are, both with reference to the Commerzbank transaction and to the possible divestment of the activities in Russia," Castagna said.
Unicredit has been trying to join forces with Germany's Commerzbank, but the plan is on hold due to political opposition and pending elections in the country.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
December 17, 2024 13:34 ET (18:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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