From Consob to Unicredit Opes on BPM
- Regulatory approval has been granted for UniCredit's public exchange offer (OPS) for Banco BPM, according to a statement released by Consob.
- Under the terms of the offer, UniCredit will provide 0.175 newly issued ordinary shares of UniCredit, without nominal value but wiht full dividend rights, for each Banco BPM...
- Besides UniCredit, Equita, MPS, BNP Paribas, BPER, and Cassa di Risparmio di Bolzano are acting as intermediaries for the collection of acceptances.
UniCredit‘s Offer for Banco BPM Gains Approval; Commerzbank Stake Looms
Table of Contents
- UniCredit’s Offer for Banco BPM Gains Approval; Commerzbank Stake Looms
- UniCredit’s Offer for Banco BPM: Key Questions Answered
- What is the current status of UniCredit’s offer for Banco BPM?
- What are the terms of the UniCredit offer?
- Who are the intermediaries involved in the offer?
- Is the UniCredit offer related to its investment in commerzbank?
- What is the situation with UniCredit’s investment in Commerzbank?
- What about Credit Agricole’s stake in Banco BPM?
- Summarized Key Events and Information
Regulatory approval has been granted for UniCredit’s public exchange offer (OPS) for Banco BPM, according to a statement released by Consob. The acceptance period is slated to run from April 28 to June 23.
Under the terms of the offer, UniCredit will provide 0.175 newly issued ordinary shares of UniCredit, without nominal value but wiht full dividend rights, for each Banco BPM share tendered.
Besides UniCredit, Equita, MPS, BNP Paribas, BPER, and Cassa di Risparmio di Bolzano are acting as intermediaries for the collection of acceptances.
Commerzbank Investment Remains Separate
UniCredit’s offer document regarding Banco BPM emphasizes that the OPS “is autonomous and independent” of any investment in Commerzbank’s share capital. The bank also stated that the offer is independent of any developments that may occur in the coming months regarding Commerzbank.
The European Central bank (ECB) has authorized UniCredit to increase its stake in the German institution up to 29.9%. UniCredit currently holds 28%, with 18.5% held through financial instruments.Conversion of these instruments into shares is contingent upon approval from german antitrust authorities.
Credit Agricole Increases Stake in Banco BPM
Separately, Credit Agricole has received ECB authorization to increase its stake in Banco BPM beyond 10%, up to a maximum of 19.9%.The French bank announced in November its intention to acquire a potential 19.8% position in the Italian bank through derivative instruments, pending regulatory approval to exceed the 10% threshold.
In a press release, Credit Agricole confirmed it now holds a 19.8% stake in Banco BPM. Though, the bank stated it “does not intend to launch a public purchase offer on capital.”
UniCredit’s Offer for Banco BPM: Key Questions Answered
This article breaks down the recent developments regarding UniCredit’s offer for Banco BPM, offering a clear and concise overview of the situation. We’ll delve into the details of the offer,the regulatory approvals,and other related events,such as UniCredit’s investment in Commerzbank and Credit Agricole’s stake in Banco BPM.
What is the current status of UniCredit’s offer for Banco BPM?
Regulatory approval has been granted for UniCredit’s public exchange offer (OPS) for Banco BPM. According to the provided details, the regulatory approval came from Consob. The acceptance period for shareholders to tender their Banco BPM shares runs from April 28 to June 23.
What are the terms of the UniCredit offer?
Under the terms of the offer, UniCredit will provide 0.175 newly issued ordinary shares of UniCredit for each Banco BPM share tendered. These new shares will not have a nominal value but will have full dividend rights.
Who are the intermediaries involved in the offer?
Several financial institutions are acting as intermediaries for the collection of acceptances. These include:
Equita
MPS
BNP Paribas
BPER
* Cassa di Risparmio di Bolzano
No, the UniCredit offer is independent of any investment in Commerzbank’s share capital. UniCredit’s offer document regarding Banco BPM emphasizes that the OPS is “autonomous and independent”.The bank has also explicitly stated that the offer is separate from any potential developments regarding Commerzbank in the coming months.
What is the situation with UniCredit’s investment in Commerzbank?
The European Central Bank (ECB) has authorized UniCredit to increase its stake in Commerzbank to a maximum of 29.9%. Currently, UniCredit holds 28% of Commerzbank, with 18.5% held through financial instruments. Converting these financial instruments into shares requires approval from German antitrust authorities.
What about Credit Agricole’s stake in Banco BPM?
Credit Agricole has received authorization from the ECB to increase its stake in Banco BPM beyond 10%, up to a maximum of 19.9%. The French bank announced in November its intention to acquire a potential 19.8% position in Banco BPM through derivative instruments pending regulatory approval to exceed the 10% threshold. Credit Agricole currently holds a 19.8% stake in Banco BPM but states that it “does not intend to launch a public purchase offer on capital.”
Summarized Key Events and Information
| Event | details | Related Parties |
| ———————————————— | —————————————————————————————————————————— | ——————————————————————————— |
| UniCredit’s Offer Approval | Regulatory approval granted by Consob. Acceptance period: April 28 to June 23. | UniCredit, Banco BPM, Consob |
| offer Terms | 0.175 newly issued UniCredit shares for each Banco BPM share tendered. Full dividend rights. | UniCredit, Banco BPM |
| Intermediaries | Equita, MPS, BNP Paribas, BPER, and Cassa di Risparmio di Bolzano. | Various Financial institutions |
| UniCredit’s Commerzbank Stake | Authorized by ECB to increase the stake to 29.9%. Currently holds 28% (18.5% via financial instruments).| UniCredit, Commerzbank, European Central Bank (ECB), German antitrust authorities |
| Credit Agricole’s Stake in Banco BPM | ECB authorized to increase the stake up to 19.9%. Currently holds 19.8% stake. no public purchase offer intended. | Credit Agricole, Banco BPM, European Central Bank (ECB) |