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Bond Market News
UniCredit Makes $10.5bn Binding Offer for Banco BPM
December 16, 2024
UniCredit has filed a €10bn ($10.5bn) all-share buyout offer for Banco BPM with Italy’s regulator. The filing makes the offer binding, setting a price floor. The offer includes an exchange ratio of 175 UniCredit shares for every 1,000 BPM shares to Banco BPM shareholders, representing a 0.5% premium over BPM’s share price before the bid. However, Banco BPM shares closed above UniCredit’s offer, suggesting that investors expect a potential increase in the bid. UniCredit also applied to relevant authorities for regulatory approval. UniCredit CEO Andrea Orcel stated that the initial offer was fair and that any deal must deliver shareholder value. However, he also indicated that UniCredit might consider topping up the offer with adding cash later. Additionally, UniCredit has engaged Banco BPM’s largest shareholder, Credit Agricole, in talks that may focus on commercial partnerships. Credit Agricole has raised its stake in BPM and applied to the ECB for approval to increase its holding to 19.99%.
UniCredit’s bonds traded stable with its 4.625% 2027s at 99 cents on the dollar, yielding 5.08%.
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