UniCredit's $11B Banco BPM Deal Sparks Tensions in Rome

UniCredit has made an unexpected $11 billion bid for Banco BPM, prioritizing Italian banking consolidation over potential moves on Germany's Commerzbank. This move comes after Banco BPM's recent acquisition of a stake in Monte dei Paschi di Siena and a bid for Anima Holding. The Italian government plans to review the bid, highlighting political resistance to large bank mergers in Europe. UniCredit's offer includes a slight premium and aims for significant merger benefits, while Banco BPM's board will discuss the proposal.