All articles tagged with #unicredit
UniCredit criticizes the Italian government for allegedly abusing its power in relation to the bid for BPM, calling the government's actions 'illegitimate' and highlighting a conflict over control of the bank.
Banco BPM has rejected a $10.5 billion takeover offer from UniCredit, stating that the bid undervalues its profitability and potential for growth. The offer, which was unexpected and presented on unusual terms, also risks diluting Banco BPM's geographical focus by aligning it with UniCredit's expansion plans in Germany. The proposed all-stock deal offers a minimal premium on Banco BPM's current share price.
Banco BPM is set to discuss UniCredit's unsolicited $11 billion takeover bid, which has unsettled the Italian government and complicated efforts to form a new banking group in Italy. UniCredit's CEO Andrea Orcel has long targeted Banco BPM, and the bid comes amid recent deals that could reshape the Italian banking landscape. The offer values Banco BPM at €10.1 billion, but analysts note the premium is limited. Banco BPM's investors include Credit Agricole, which may have increased its stake through equity swaps.
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.
UniCredit has offered to acquire Italian rival Banco BPM for approximately $10.5 billion in an all-stock deal, aiming to consolidate its position as a leading pan-European banking group. This move is part of a broader trend of mergers in the European banking sector, although it is separate from UniCredit's ongoing interest in increasing its stake in German bank Commerzbank. The offer represents a slight premium over Banco BPM's recent share price.
Shares of Italian bank UniCredit surged 10% to an eight-year high after announcing plans to return 8.6 billion euros to investors following better-than-expected fourth-quarter profits of 1.9 billion euros, nearly three times analysts' estimates. The bank's strong performance was attributed to higher interest rates, with a 90% payout policy set to be adopted this year. Since CEO Andrea Orcel took charge in 2021, UniCredit's value has tripled, making it the top gainer among European banks.
Shares of Italian bank Unicredit surged 9.8% to their highest level since 2015 after announcing plans to return 8.6 billion euros to investors following better-than-expected profits. European markets dipped slightly as investors reacted to U.S. Federal Reserve Chairman Jerome Powell's comments, while Asian markets opened lower. Uncertainty over interest rate cuts and ongoing political tensions have raised questions about sector and stock performance. Wealth managers highlight top stock picks, and Citi updates its "high-conviction" stock list.
UniCredit, a major Italian bank, plans to distribute €6.5 billion to its shareholders after reporting increased earnings due to higher interest rates. The bank's decision reflects its confidence in its financial position and aims to reward its shareholders for their support.
European markets were mixed as investors remained cautious due to economic and geopolitical uncertainty. The pan-European Stoxx 600 index was down 0.6%, with mining stocks dropping 1.9% while retail and media saw a slight uptick. Meanwhile, Swiss pharma giant Roche announced a $7.1 billion deal to acquire Telavant Holdings, a company specializing in drugs for inflammatory and fibrotic diseases. UniCredit also applied to become the largest investor in Greece's Alpha Bank, while Dutch health technology company Philips reported strong third-quarter profits but a 9% drop in new orders.
RusKhimAlyans, a subsidiary of Gazprom, has filed a lawsuit against UniCredit seeking $472 million in damages. UniCredit, along with Deutsche Bank and Commerzbank, were guarantors on a project held up by EU sanctions. The project, a gas complex at the Baltic port of Ust-Luga, had an engineering, procurement, and construction contract signed by Linde and Renaissance Heavy Industries with Gazprom and its partners. Linde suspended work under the contract due to EU sanctions imposed after Russia's actions in Ukraine. In January, the court froze nearly $500 million of Linde's assets at RusKhimAlyans's request.
UniCredit CEO Andrea Orcel predicts more rescues of American regional lenders due to higher interest rates from the Federal Reserve, while European banks are well-capitalized and face stronger regulation. He also warns of further volatility as the biggest risk to the outlook after the Covid-19 pandemic and Russia's invasion of Ukraine. UniCredit reported a jump of more than 41% in net profit for the first quarter and a CET capital 1 ratio at 16.05% for the quarter.