0937 GMT - UniCredit's offer seems appealing to its own shareholders but not to those of Banco BPM, KBW analysts Hugo Cruz and Ben Maher write. This is because of the limited premium of around 0.5% to Banco BPM's share price on Friday that is being offered, and because of the already substantial synergies assumed, the analysts write. The offer has a threshold for approval of at least 66.67% of Banco BPM shareholder support, but this could be partially waived if UniCredit acquires at least 50% + 1 share, the analysts write. Banco BPM's largest shareholder is Credit Agricole, which holds an around 9% stake, they add. UniCredit shares trade down 4.3% at 36.46 euros, while Banco BPM shares trade up 3% at 6.84 euros. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
November 25, 2024 04:39 ET (09:39 GMT)
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