MILAN (ITALPRESS) – UniCredit’s Board of Directors has approved the launch of a voluntary public exchange offer for all ordinary shares of Banco BPM for a total consideration of about 10.1 billion. The exchange ratio was set at 0.175 newly issued shares of UniCredit for each existing share of Banco BPM, resulting in an implied offer price of 6.657 euros per share, and a premium of about 0.5 percent over official prices on November 22. This represents a premium of about 15 percent over the Nov. 6 undisturbed price (about 20 percent when adjusted for the interim dividend already distributed in November by both banks), prior to the announcement of the Anima takeover offer. The offer aims to strengthen UniCredit’s competitive position in Italy, one of the Group’s core markets, creating an even stronger second bank in an attractive market that can generate significant long-term value for all stakeholders and for Italy. Execution of the exchange offer is expected to be completed by June 2025, with full integration completed within approximately the next 12 months and with most of the synergies realized within 24 months. “With this acquisition of one of our historical targets, we strengthen our position in Italy, while further increasing the value we can create for our stakeholders in that market as well as for our shareholders. Europe needs stronger and bigger banks to help it develop its economy and compete against other major economic blocs. Thanks to the work done over the past three years, UniCredit is now well positioned to meet this challenge as well,” comments Andrea Orcel, CEO of UniCredit.
– Photo Agency Photogram –
(ITALPRESS).
