Friday, November 15, 2024, Banco BPM SpA bank branch in Milan, Italy.
Bloomberg | Bloomberg | Getty Images
italian lender BPM Bank Surprise takeover bid from domestic rivals said on Tuesday UniCredit Bank does not reflect its profitability and may reduce its legal autonomy.
10 billion euros ($10.52 billion) bid Banco BPM’s board of directors said in a statement translated by CNBC that the plan proposed by UniCredit on Monday had not been previously agreed upon and was delivered on “unusual” terms.
It also failed to reflect Banco BPM’s profitability and potential for further value creation, the board added.
CNBC has reached out to UniCredit for comment.
This breaking news story is being updated.
