Banco BPM rejects UniCredit takeover bid

Italian lender Banco BPM has dismissed a bid from rival UniCredit, calling the value of the offer “completely unusual” and saying it failed to reflect the bank’s profitability and future 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”.

Source: Financial Times