UniCredit faces resistance with takeover attempt of Banco BPM

The Italian credit institution Banco BPM has rejected a takeover bid from rival UniCredit. The rejection was justified by the statement that the value of the offer is 'completely unusual' and does not adequately reflect the future prospects of Banco BPM. Since UniCredit made its takeover bid in the form of shares, Banco BPM publicly commented on it for the first time. The company emphasized that it remains focused on implementing its business plan for the years 2023 to 2026 and concentrating on the acquisition of asset manager Anima. UniCredit had announced a surprising offer of 10.1 billion euros for Banco BPM, Italy's third-largest bank, on Monday. This caused astonishment among market observers and in the country's political landscape.