Banco BPM says UniCredit's 'unusual' $10.5 billion takeover offer does not reflect its profitability

Published On Nov 26, 2024, 6:54 AM

Banco BPM has publicly rejected UniCredit's unexpected takeover offer of approximately $10.5 billion, stating that the bid does not accurately reflect Banco BPM’s profitability and could diminish its legal independence. The Banco BPM board described the offer as 'unusual,' emphasizing that it was not mutually agreed upon and fails to consider the bank's potential for further value creation.