UniCredit to Launch BPM Bid Amid Credit Agricole's Stake Increase
Deal News | Apr 02, 2025 | Zawya
UniCredit is set to launch a bid on April 28 to acquire Banco BPM, with an all-share offer valued at 14 billion euros. This move follows French bank Credit Agricole's increase of its stake in BPM to 19.8%, having first become BPM's largest investor in 2022 with a 9.2% share. Credit Agricole, although not counterbidding, presents a strategic hurdle for UniCredit CEO Andrea Orcel's acquisition plans. The ongoing strategic maneuvers also affect other banking entities like the state-backed Monte dei Paschi di Siena. Credit Agricole has solidified its position by acquiring further stakes through derivative contracts after initial government approval, aiming to protect its commercial interests in Italy, its largest market outside France. The ECB has approved UniCredit's proposed bid with the Italian market watchdog Consob also greenlighting the offer document, which will be open until June 23. This bid is part of a broader trend of mergers and acquisitions in Italy's banking sector, rejuvenated by higher profits from rising interest rates.
Sectors
- Banking
- Financial Services
Geography
- Italy – The target company, Banco BPM, and the bidding company, UniCredit, are based in Italy, which is central to the strategic developments discussed.
- France – Credit Agricole, a key player in this transaction, is based in France and is expanding its influence in Italy through the BPM stake.
Industry
- Banking – The article focuses on several banking institutions, including UniCredit and Banco BPM, especially within the context of mergers and acquisitions.
- Financial Services – Mentions of asset management and insurance deals relate to broader financial services provided by Credit Agricole and other involved entities.
Financials
- 14 billion euros – The value of UniCredit's all-share bid for Banco BPM.
- $15.11 billion – Equivalent of the 14 billion euros bid value in US dollars.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| UniCredit | Bidding Company | Companies | Italian banking group launching a takeover bid for Banco BPM. |
| Banco BPM | Target Company | Companies | An Italian bank that is the target of UniCredit's acquisition bid. |
| Credit Agricole | Other Company | Companies | French banking group and main shareholder of Banco BPM, increasing its stake to protect its interests. |
| European Central Bank (ECB) | Regulatory Authority | Government | Approving regulatory bids related to banking acquisitions. |
| Consob | Regulatory Authority | Government | Italy's market watchdog approving the share offer document for UniCredit's bid. |
| Monte dei Paschi di Siena | Other Company | Companies | A state-backed Italian bank originally considered for a tie-up with Banco BPM. |
| Amundi | Other Company | Companies | Credit Agricole’s asset manager, involved with distribution deals with UniCredit. |