Business
Banco BPM board member says UniCredit bid is hostile, ANSA reports
Global Banking & Finance Review®
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MILAN (Reuters) – UniCredit’s surprise bid for Italy’s Banco BPM is hostile, a board member of the smaller lender told Italian newswire ANSA on Tuesday.
MILAN (Reuters) – UniCredit’s surprise bid for Italy’s Banco BPM is hostile, a board member of the smaller lender told Italian newswire ANSA on Tuesday.
He was speaking ahead of a Banco BPM board meeting for an initial discussion on the 10 billion euro ($10.5 billion) takeover bid launched on Monday by Italy’s second-largest bank.
(Reporting by Francesca Piscioneri, writing by Giulia Segreti, editing by Gianluca Semeraro)
A hostile takeover occurs when a company attempts to acquire another company against the wishes of the target company's management. This often involves purchasing shares directly from shareholders.
A board member is an individual who is part of a company's board of directors. They are responsible for overseeing the company's management and making decisions on major company issues.
A takeover bid is an offer made by an individual or company to purchase another company. This offer can be friendly or hostile, depending on the target company's response.
UniCredit is a leading European commercial bank with a strong presence in Italy and several other countries. It provides a range of financial services, including retail and corporate banking.
Banco BPM is one of Italy's largest banks, formed from the merger of Banco Popolare and Banca Popolare di Milano. It offers various banking services, including loans, savings, and investment products.
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