Banco BPM CEO Reiterates That UniCredit Takeover Bid Isn't Adequate -- Market Talk

Dow Jones03-19

0940 GMT - Banco BPM still sees UniCredit's unsolicited takeover offer as too low, the Italian bank's CEO says at a London conference. The offer, which was discounted from the start, would need to be improved by 3.5 billion euros to align to the revenue target included in BPM's plan, Giuseppe Castagna says. This takes into account the 1.2 billion euros in synergies indicated by UniCredit. The bank would be happy to recommend to shareholders an offer that reflects this value already embedded in the bank, the executive adds. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

March 19, 2025 05:41 ET (09:41 GMT)

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