By CNBC (Business) | Created at 2024-11-25 06:40:37 | Updated at 2024-11-25 08:47:08
2 hours ago
A logo on the UniCredit SpA headquarters in Milan, Italy, on Saturday Jan. 22, 2022.
Bloomberg | Getty Images
Italian lender UniCredit on Monday offered to snap up its domestic rival Banco BPM for roughly 10 billion euros ($10.5 billion) in a move it says is separate from its pursuit of German bank Commerzbank.
The move would, if completed, merge two of Italy's largest lenders. UniCredit said in a statement early Monday that it is offering 6.657 euros for each share — a slight premium on Friday's close price of 6.644 euros.
UniCredit said the purchase, which would be an all-stock deal, would allow the bank to "further strengthen its role as a leading pan-European banking group."
This is a breaking news story, please check back later for more.
Correction: This story has been updated to reflect the correct spelling of Banco BPM.
