UniCredit Gets ECB, Bank of Italy Approvals for Banco BPM Bid

Dow Jones2025-03-31

By Andrea Figueras

UniCredit said it received approvals from the European Central Bank and Bank of Italy to acquire smaller rival Banco BPM if its offer goes ahead.

The Italian bank said late Friday that the authorizations represent the last step needed to enable Italy's securities market regulator Consob to conclude the approval of the offer document, which UniCredit expects this week.

UniCredit said it also received approvals to buy indirect control of other companies of the Banco BPM group and Anima Group, which BPM is bidding to acquire in a separate transaction.

In November, UniCredit, Italy's second-largest bank by assets, made a $10 billion-plus takeover bid for BPM, which rebuffed the offer and said it undervalued the bank.

UniCredit said separately over the weekend that its board of directors unanimously approved a capital increase for the all-stock BPM offer, after the move was authorized at its annual general meeting last week.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

March 31, 2025 02:02 ET (06:02 GMT)

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