UniCredit SpA announced Monday its €10 billion ($10.5 billion) all-share offer to acquire Banco BPM SpA, aiming to establish itself as a dominant player in the European banking sector. If successful, the acquisition would create the third-largest bank in Europe by market capitalization.
The offer values Banco BPM shares at €6.657 each, reflecting a 0.5% premium over Friday’s closing price on the Euronext Milan stock exchange. The deal involves issuing 0.175 UniCredit shares for each of Banco BPM’s 1.5 billion shares. UniCredit expects to finalize the acquisition by June 2025 and complete full integration within a year.
Strategic Goals and Benefits of the Deal
UniCredit CEO Andrea Orcel emphasized the significance of the acquisition for the bank’s growth in Italy and across Europe. “Europe needs stronger, bigger banks to help it develop its economy and help it compete against the other major economic blocs,” Orcel said. “Thanks to the work done over the past three years, UniCredit is now well positioned to also answer that challenge.”
