How Italian Bank M&A Heated up With UniCredit Bid for Banco Bpm

UniCredit's Strategic Bid for Banco BPM in Italian M&A

By Andrea Mandala and Valentina Za

MILAN (Reuters) - Italy's unfolding banking takeover tussles have been long in the making and are predicted to go on for several months.

Here is summary of the milestones leading up to UniCredit's all-share buyout offer for Banco BPM and of future events:

APRIL 7, 2022 - Credit Agricole becomes main investor in Banco BPM with a 9.2% stake, less than two months after UniCredit shelved an all-share offer for BPM which sources said was worth 7 billion euros ($7.4 billion).

MAY 17, 2022 - Amundi, Europe's biggest asset manager whose main shareholder is Credit Agricole, takes a 5.16% stake in Anima Holding, Italy's largest independent asset manager whose main shareholder is Banco BPM.

FEB. 14, 2023 - Italian private equity fund FSI buys 7.2% of Anima, betting it will be involved in future consolidation.

NOV. 6, 2024 - BPM announces an up to 1.6 billion euro offer to buy out other investors in Anima and gain full control of the fund manager, of which it owns 22%.

NOV. 14, 2024 - Italy sells 15% of bailed-out bank Monte dei Paschi di Siena, bringing BPM on board as a leading shareholder with a 5% stake.

Anima, which also sells its funds through MPS branches and owns 1% already, buys another 3%. The remaining 7% goes to two Italian investors, Francesco Gaetano Caltagirone and Delfin, the holding company of the late tycoon Leonardo Del Vecchio.

NOV. 25, 2024 - UniCredit launches an unsolicited 10 billion euro all-share bid for BPM, offering a premium of 0.5% versus the previous closing price and 15% pre the Anima bid level.

NOV. 20, 2024 - Francesco Gaetano Caltagirone, who is a shareholder in UniCredit and BPM, raises his Monte dei Paschi stake to 5%.

NOV. 26, 2024 - BPM rebuffs UniCredit bid saying it undervalues the bank, ties its hands in strategic deals, including its acquisition of Anima, and creates new risks for UniCredit, which is already pursuing Commerzbank.

DEC. 6, 2024 - Credit Agricole uses derivatives to raise its BPM stake to 15.1% from 9.9%, saying it could get to 19.99% but ruling out full buyout offer.

DEC. 7, 2024 - UniCredit reiterates it wants to sit down with Credit Agricole saying the higher stake "changes nothing".

DEC. 9, 2024 - Caltagirone, an investor in MPS, Banco BPM, UniCredit, raises his Anima stake to 5.3%.

DEC. 15, 2024 - Deadline expires for UniCredit to file document for BPM offer with market regulator Consob. UniCredit will also file approval requests with the European Central Bank, the Bank of Italy and Italy's insurance authority.

FEB. 2025 - BPM expected to publish full-year results, which UniCredit has indicated it wants to examine before evaluating topping up its all-share offer with cash.

APRIL 10, 2025 - UniCredit shareholder meeting called to approve new share issues to finance bid for Banco BPM.

($1 = 0.9525 euros)

(Reporting by Valentina Za and Andrea Mandala; Editing by Alexander Smith)