Unicredit : Un deal sur Banco BPM ferait sens, mais il y a pas mal de ‘si’ !
>Opinion Neutre réitérée – OC inchangé à 15.0 € - Les actuelles spéculations autour d’un possible deal UCG-Banco BPM, après déjà l’épisode russe (Okritie), nous amènent à en étudier les impacts financiers et la logique stratégique. Le groupe serait, selon nous, en mesure et plutôt bien inspiré de réaliser cette opération à CMT malgré un risque d’exécution non négligeable et une possible altération du ‘plan’ initial d’A. Orcel (retour à l’actionnaire significatif). No...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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