Unicredit : Unicredit shakes up Italian finance by announcing an exchange offer for Banco BPM
This week got off with a bang with another potential M&A deal in European finance, instigated once again by Unicredit. After trying to make a move on Commerzbank, Andrea Orcel has turned his attention this time to Italy and his historical target, Banco BPM. While Unicredit’s public exchange offer makes strategic sense, the offer price is unattractive and too low in any case for Banco BPM, whose management says it wishes to remain independent. Nor has this deal been approved by the Italian authorities, which had other plans for Banco BPM. Lastly, it has direct knock-on effects on at least two other banks: Crédit Agricole (and Amundi) and Monte dei Paschi.This offer is far from a done deal and could run into numerous obstacles. We will certainly have an opportunity to discuss the various scenarios set to emerge over the coming months and to adjust our recommendations accordingly.
Unicredit is a pan-European commercial banking group based in Italy. Co. is engaged in the provision of in-branch and online corporate and investment banking services, providing customers with access to banks in 14 core markets as well as to an another 18 countries worldwide. Co.'s operations are organized along six business lines: Commercial Banking Italy; CEE Division; CIB; Commercial Banking Germany; Commercial Banking Austria; and Asset Gathering. Co.'s European banking network includes Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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