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Bond Market News
UniCredit Says It May Halt Banco BPM Bid Upon Italian Government’s Conditions
April 23, 2025
UniCredit said that it may halt its €13bn ($14.8bn) all-share bid for Banco BPM due to restrictive conditions set by the Italian government. These include a nine-month deadline to exit Russia, a five-year restriction on lowering BPM’s higher loan-to-deposit ratio, and a requirement to maintain investments in Anima Holding, a fund management company acquired by BPM. UniCredit stated these terms could hinder its decision-making and risk future penalties. Despite BPM rejecting the offer as hostile, the bid is set to launch on April 28 and run through June. UniCredit CEO Andrea Orcel has also expressed willingness to walk away if the deal does not meet financial targets. UniCredit has responded to the government’s decree and awaits further feedback before deciding further on its bid.
UniCredit’s bonds traded stable with its EUR 5.625% Perp at 92.8, yielding 6.86%
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