UniCredit (CRDI.MI) said it would launch on April 28 its buyout offer for Banco BPM (BAMI.MI) on the same day as French bank Credit Agricole (CAGR.PA) said it had secured supervisory approval to hold up to 19.9% of BPM's capital.
Credit Agricole became Banco BPM's main investor in 2022, acquiring a 9.2% of the Milanese bank, shortly after an earlier aborted takeover attempt by UniCredit for the smaller rival.
Following authorisation from the European Central Bank, the French group will hold 19.8% of Banco BPM, it said on Wednesday.
Although Credit Agricole has ruled out a counterbid for the Milanese bank, bankers say it remains the main hurdle for UniCredit CEO Andrea Orcel's ambitions.
Orcel's move on BPM in November upended the Italian Treasury's plans to promote an eventual tie-up between Banco BPM and state-backed Monte dei Paschi di Siena (BMPS.MI).
Buttressing BPM's defences against UniCredit, Credit Agricole in December started raising its potential holding through derivative contracts after securing an informal nod from the Rome government. It bought further derivatives in the first quarter, it said.
Credit Agricole has commercial interests to protect in its biggest market outside France - it partners in consumer credit and insurance with Banco BPM and its asset manager Amundi (AMUN.PA) has a distribution deal with UniCredit that runs out in 2027.
The offer will run from April 28 to June 23.
UniCredit's swoop on BPM is one of a series of hostile bids rocking Italy's banking sector, which underwent a painful clean-up after the 2008-2012 crisis years but has recently enjoyed record profits due to high interest rates.
($1 = 0.9264 euros)
