Banco BPM rejects UniCredit takeover bid

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Italian lender Banco BPM has dismissed a bid from rival UniCredit, saying that the value of the offer was “completely unusual” and failed to reflect its prospects.

In its first comments since UniCredit made its all-share offer, BPM said it remained “focused on the implementation of its 2023-2026 business plan and on its takeover of [asset manager] Anima”.

UniCredit on Monday launched a €10.1bn takeover bid for BPM, Italy’s third-largest bank, surprising the market and the country’s political establishment.

This is a developing story