The Wall Street Journal

UniCredit’s $10 Billion-Plus Bid for Banco BPM Gets EU Clearance

Banco BPM rejected the offer, saying it didn’t reflect its profitability

UniCredit’s bid is part of efforts to strengthen its foothold in its home country and gain more market share in northern Italy, where Banco BPM has its roots.
UniCredit’s bid is part of efforts to strengthen its foothold in its home country and gain more market share in northern Italy, where Banco BPM has its roots. Photo: alessandro garofalo/Reuters

UniCredit said the European Union wouldn’t launch an in-depth investigation into its $10 billion-plus bid for Banco BPM, effectively clearing the deal to take over its smaller rival.

The Italian bank said the European Commission, the EU’s executive arm, shared its decision in a letter informing the lender that it was closing a preliminary review into the bid, which will be authorized as of the end of Wednesday.

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