Oops, something went wrong Italian banking group UniCredit has obtained approvals from the European Central Bank (ECB) and the Bank of Italy to proceed with its plan to take over Banco BPM. This move allows UniCredit to gain direct control of Banco BPM and indirect control of other entities within the Banco BPM Group and Anima Group, pending the successful outcome of their public exchange offer. The €14bn ($15.1bn) all-share offer for BPM is among the multiple hostile bids impacting the Italian banking sector, which has recently reported record profits due to high interest rates after a difficult restructuring period post-2008-2012 crisis, reported Reuters. In November 2024, UniCredit launched an all-share bid for Banco BPM as part of its strategy to strengthen its competitive position and enhance its presence in Italy. The authorisations mark the final step before the Italian securities regulator, Consob, can complete the review of the offer document. This document was initially submitted on 13 December 2024, with expectations for approval set for the following week. UniCredit remains vigilant in monitoring recent developments, especially concerning BPM's proceedings with its offer on Anima, which is proceeding without the Danish Compromise. The acquisition authorisations exceed the 10% threshold of UniCredit Group's consolidated own funds for direct and indirect participations. Last month, UniCredit received approval from the ECB to acquire up to 29.9% of Germany's Commerzbank. The Italian bank currently holds a 9.5% direct stake in Commerzbank, along with an additional 18.5% via derivatives. "UniCredit secures ECB, Bank of Italy nod for Banco BPM bid" was originally created and published by Retail Banker International, a GlobalData owned brand.   The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio