Thursday, September 12, 2024, the headquarters of Commerzbank AG in the Financial District of Frankfurt, Germany.
Emanuele Cremaschi | Getty Images News | Getty Images
Italy’s second largest lender UNICREDIT The fourth-quarter profit was released on Tuesday, boosting shareholder returns amid market focus on the bank’s merger proposals.
According to LSEG’s consensus, the group attributed its net profit of 1.969 billion euros ($2.03 billion) in the fourth quarter, while analysts’ forecast of 18.003 billion euros.
Revenue reached €6 billion during this period, while analysts expected €5.89 billion.
Unicredit has been in the consolidation of its new Italian birth since the second half of last year, after it unexpectedly established (and subsequently increased) and increased its stake in Germany. Commerzbankand its acquisition offer to family peers Bank BPM By the end of 2024. Italian lenders have rejected Unicredit’s opening scene so far, but CEO Andrea Orcel Tell Bloomberg His open bid for Banco BPM is just a “fair starting point.”
The German government condemns Unicredit’s “Very radical, very opaque, opaque“Bidding for Commerzbank, Rome is equally resistant on the domestic front, and in a broader government plan, the third Italian bank, Titan, will be established Intesa Sopaolo and UniCredit. Unicredit unveils the landscape of Italian transactions on February 2 4.1% stake Top insurance companies in Italy Generali Groupbut stressing that “no strategic interests” inspired the company.
Crucially, Italy operates under the so-called gold power legislation that allows Rome to intervene or set conditions in foreign and domestic companies taking over key sectors such as defense, energy, communications and banking.
Market participants are watching which suit their dual-tube suit Unicredit will promise, or whether there is ambitious to keep both targets in sight.
This breaking news report is being updated.
