Banco BPM Shareholders Face Greater Downside if UniCredit Bid Falls Through -- Market Talk

Dow Jones2025-03-25

1359 GMT - If UniCredit's proposed takeover of Banco BPM doesn't go ahead, the shareholders of the smaller Italian bank face greater downside risk, Equita says in a research note. UniCredit has significant defensive buffers that give visibility on results and remuneration and trades at multiples well below peers, analyst Andrea Lisi writes. "We see no reason for a de-rating from current levels," he notes. However, BPM's valuation is already pricing in a best-case scenario, which takes into account the acquisition of asset manager Anima Holding, as well as the green light on the so-called Danish Compromise on that deal, which allows the bank to reduce the hit to its capital. He also adds that UniCredit can withdraw its bid if it chooses to. BPM shares trade at 10.22 euros and have risen 67% on a 12-month basis. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

March 25, 2025 10:00 ET (14:00 GMT)

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However, BPM's valuation is already pricing in a best-case scenario, which takes into account the acquisition of asset manager Anima Holding, as well as the green light on the so-called Danish Compromise on that deal, which allows the bank to reduce the hit to its capital. He also adds that UniCredit can withdraw its bid if it chooses to. BPM shares trade at 10.22 euros and have risen 67% on a 12-month basis. 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