UniCredit Unlikely to Pull out of Banco BPM Bid Despite Negative ECB Opinion -- Market Talk

Dow Jones03-27

0811 GMT - The ECB's negative opinion on Banco BPM's use of the more lenient "Danish Compromise" rules on its deal to buy asset manager Anima was surprising but unlikely to be a dealbreaker for UniCredit, which is itself trying to acquire the smaller Italian lender, J.P.Morgan says in a research note. "It is more a question of paying the right price," analysts write. They doubt that UniCredit will pull out since it has long been interested in BPM and was aware of the risk of the compromise, a regulatory provision that allows for less capital consumption in such a deal. Under Danish Compromise rules, UniCredit could have sweetened its offer with 1.2 billion euros in cash. But without it, the transaction will cost the suitor 1.6 billion euros in more capital so it likely won't raise its offer, the analysts say. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

March 27, 2025 04:11 ET (08:11 GMT)

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