Banco BPM Stands Firm Against UniCredit's Proposal

In a bold move, Banco BPM, Italy's third-largest bank, has officially turned down a significant $14.8 billion (€13 billion) merger proposal from UniCredit. The rejection comes after a thorough evaluation, with Banco BPM labeling the offer as "totally inadequate and incorrect", arguing it would not serve the best interests of its investors.

Massimo Tononi, the Chairman of Banco BPM, expressed his concerns during a conference call, highlighting the unfulfilled conditions set by UniCredit. "We find it really quite awkward that already three of the conditions UniCredit has included in their offer have not been fulfilled," Tononi remarked, shedding light on the complexities behind the scenes.

Timeline of the Takeover Offer

The proposal from UniCredit, which was set to commence on Monday and remain open until June 23, includes a withdrawal clause that UniCredit can exercise until June 30. This timeline adds a layer of urgency to the ongoing discussions between the two financial giants.