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Bond Market News
UniCredit Makes €10bn Bid for Banco BPM
November 26, 2024
UniCredit made a €10bn bid for Banco BPM on Monday. UniCredit’s CEO Andrea Orcel announced the offer, prioritizing it over any plans to acquire Germany’s Commerzbank. The bid followed Banco BPM’s acquisition of a 5% stake in state-owned Monte dei Paschi di Siena (MPS) and its bid for Anima Holding. Reuters said that the move risked disrupting Italy’s government-backed plan to merge Banco BPM with MPS to create a third major banking group. Following this, Italy’s Economy Minister Giancarlo Giorgetti noted that the government may use its “golden power” legislation to protect strategic assets in response to the above. He added that UniCredit’s offer had been communicated but not agreed upon with the government. Besides, Deputy Prime Minister Matteo Salvini also voiced concerns, particularly about UniCredit’s shift in focus from Germany to Italy. He further emphasized the importance of safeguarding Banco BPM and MPS from financial instability.
Dollar bonds of UniCredit and Banco BPM were trading stable across the curve.
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