Unicredit has taken important hurdles for the transfer of Banco BPM.
As the Italian bank announced, both the European Central Bank (ECB) and the Italian central bank have given approval for the purchase of the smaller rival. It is the last step so that the Consob financial supervision can complete the approval of the offer document.
UniCredit also received the green light for the indirect control of other companies from the Banco BPM Group and the Anima Group. BPM currently offers anima in a separate transaction.
In November, Unicredit had submitted a bid of over 10 billion euros for BPM. However, BPM rejected this on the grounds that the company was undervalued.
Unicredit also announced on the weekend that the Board of Directors unanimously approved the capital increase for the BPM officer. The general meeting had already agreed last week.
The UniCredit share at the Euronext in Milan temporarily loses 2.71 percent to 51.76 euros, while Banco BPM title notes by 3.27 percent to EUR 9.28 lower.
By Andrea Figueras
Dow Jones
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