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UniCredit has offered to buy Banco BPM, the European lender said on Monday, in a deal that values its Italian rival at €10bn ($10.5bn).
According to the bank, if completed the deal would create Europe’s third-largest lender by market capitalisation.
A deal would “allow the full enhancement of the potentialities of the two groups in Italy and the consequent further strengthening of a solid pan-European entity”, UniCredit said.
UniCredit’s offer represents a premium of 0.5 per cent on Banco BPM’s share price on Friday and a 14.6 per cent premium to the share price on November 6.
This is a developing story