UniCredit to Hold Shareholder Vote on March 27 for BPM Takeover
MILAN, March 9 (Reuters) - Italy's UniCredit (UNCRY) announced on Thursday that its board has rescheduled a shareholder vote to approve the issuance of new shares for the acquisition of Banco BPM (BAMI.MI). The vote, initially set for April 10, will now take place on March 27.
In November 2022, UniCredit launched a 10 billion euro all-share offer for BPM, which has since seen its market capitalization rise to 13.7 billion euros.
To facilitate the acquisition, UniCredit has increased the maximum number of new shares to be issued to 278 million from the previous 266 million. This adjustment aims to account for any potential misalignment in share prices resulting from dividend payments.
Based on Thursday's closing price, UniCredit's bid for BPM is currently valued at approximately 13.29 billion euros.