A Banco BPM SpA bank branch in Milan, Italy, on Friday, Nov. 15, 2024.
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Italian lender Banco BPM on Tuesday said the unexpected takeover offer by domestic rival UniCredit does not reflect its profitability and could reduce its legal autonomy.
The 10 billion-euro ($10.52 billion) bid presented by UniCredit on Monday was not previously agreed and was delivered on “unusual” terms, the Banco BPM board of directors said in a CNBC-translated statement.
It also failed to reflect Banco BPM’s profitability and potential for further value creation, the added.
CNBC has reached out to UniCredit for comment.
This breaking news story is being updated.
