The logo of UniCredit Bank headquarters in Milan, Italy, Saturday, January 22, 2022.
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italian lender UniCredit Bank Monday offered to acquire its domestic rival BPM Bank The move is said to have nothing to do with the acquisition of a German bank and will cost about 10 billion euros ($10.5 billion) Commerzbank.
If the move is completed, Italy’s two largest banks will merge. UniCredit said in a statement earlier on Monday that it was offering 6.657 euros per share, a slight premium to Friday’s closing price of 6.644 euros.
UniCredit said the acquisition, which will be an all-stock deal, will allow the bank to “further strengthen its role as a leading pan-European banking group”.
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Correction: This article has been updated to reflect the correct spelling of Banco BPM.