MILANO (Reuters) -Banco BPM sees room to explore other potential M&A opportunities if Unicredit drops its takeover bid, Chief Executive Giuseppe Castagna said, adding however that the standalone path “is very satisfactory”.
UniCredit’s all-share offer is in doubt after the government set conditions to clear it which UniCredit says are harmful.
The offer is currently at a discount to market values and therefore unlikely to succeed without a sweetener, which the government’s conditions make more unlikely.
“We will see what will happen with the offer,” Castagna told analysts when asked if his bank would be open to assessing other M&A scenarios were UniCredit to walk away.
“We consider ourselves an important part of the potential consolidation in Italy,” he added.
“For sure there will be room to explore other potential opportunities, even if we are very much concentrated on our standalone pattern right now”.
(Reporting by Andrea Mandalà; Editing by Valentina Za)
