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Bond Market News
UniCredit Prepones Shareholder Vote for Banco BPM Bid
February 21, 2025
UniCredit has moved up a shareholder vote to March 27, previously scheduled for April 10, to approve issuance of new shares for financing its takeover bid for Banco BPM. UniCredit had previously launched a €10bn ($10.5bn) all-share offer for Banco, whose market value has since reached €13.7bn ($14.2bn). UniCredit said it was increasing the maximum number of new shares to be issued from 266mn to 278mn, to cover any misalignment in share prices due to dividend payments. Based on UniCredit’s closing price on Thursday and the bid’s proposed exchange ratio of 0.175, UniCredit’s bid values Banco BPM shares at €8.36 each versus a closing price for BPM of €9.04.
UniCredit’s bonds traded stable with its recently issued €5.625% Perp at 99.7, yielding 5.7%
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