UniCredit SpA

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• DJ Banco BPM's Credit Spreads Likely to Tighten If Acquisition by UniCredit Succeeds -- Market Talk, from 4 hours ago by Dow Jones

  4 hours ago by Dow Jones
  Companies Mentioned: UNCFF
  
  1525 GMT - The proposed acquisition of Italian bank Banco BPM by UniCredit could cause Banco's credit spreads to tighten, ING strategist Suvi Platerink Kosonen says in a note. "If the deal were to go through the Banco BPM AT1 [additional tier 1] curve would outperform against UniCredit," she says. The risk premium--or spread--on Banco BPM's additional tier 1 bonds is wider than on UniCredit AT1 bonds, ING says. Additional tier 1 bonds are risky debt issued by banks and act as a buffer if a bank's capital falls below a set threshold. (miriam.mukuru@wsj.com)
  

• DJ UniCredit Makes $10.5 Billion Bid for Italian Rival, Setting Sights Closer to Home -- 4th Update, from 6 hours ago by Dow Jones

  6 hours ago by Dow Jones
  Companies Mentioned: UNCFF, CRZBY
  
  By Margot Patrick and Adam Whittaker
  
  UniCredit made a $10 billion-plus move on smaller Italian peer Banco BPM, shifting its focus away from an attempted takeover of Germany's Commerzbank as it seeks to grow through dealmaking.
  

• DJ UniCredit, Banco BPM Deal Should Face Reduced Regulatory Scrutiny -- Market Talk, from 7 hours ago by Dow Jones

  7 hours ago by Dow Jones
  Companies Mentioned: UNCFF
  
  1218 GMT - UniCredit's takeover of Banco BPM should face less regulatory scrutiny than other similar deals because of the limited overlap between the two banks, ING analyst Suvi Platerink Kosonen writes. UniCredit said that it plans to keep BPM's branch network and clients broadly the same after the takeover, Kosonen says. UniCredit also said that after a deal, there would be a risk of market dominance in only 10% of Italian provinces. UniCredit also considers the two franchises to be highly complementary, Kosonen adds. The deal is a good fit for UniCredit, the analyst says. However, the transaction will eat into UniCredit's excess capital buffers, which ING regards as one of its core strengths. UniCredit shares trade down 4.4% at 36.43 euros, while Banco BPM shares trade up 1.6% at 6.75 euros. (adam.whittaker@wsj.com)
  

• DJ UniCredit Makes Another M&A Chess Move; Hedge Funds Ponder What's Next -- WSJ, from 9 hours ago by Dow Jones

  9 hours ago by Dow Jones
  Companies Mentioned: UNCFF, CRZBY
  
  By Ben Dummett
  
  Commerzbank's stock is taking a hit as investors bet that UniCredit's $10.5 billion bid for Banco BPM indicates its interest in the German bank is cooling. But some hedge funds suggest the surprise offer is part of a bigger plan to ultimately take over Commerzbank, even if the Italian deal succeeds.
  

• DJ UniCredit's Decision to Continue Pursuit of Commerzbank is Surprising -- Market Talk, from 9 hours ago by Dow Jones

  9 hours ago by Dow Jones
  Companies Mentioned: UNCFF, CRZBY
  
  1052 GMT - UniCredit's continued plans to acquire Commerzbank while taking over Banco BPM is surprising, Morningstar's Johann Scholtz writes. Managing two major deals will require a lot of management's time, he adds. UniCredit's offer to buy Banco BPM makes a lot of strategic sense, unlike its planned takeover of Commerzbank, Scholtz writes. There are more opportunities for cost savings while the Italian banking sector tends to support higher profitability than the German one, he writes. Unicredit shares trade down 3.3% at 36.83 euros, Banco BPM trades up 1.7% at 6.76 euros, Commerzbank trades down 5.4% at 14.52 euros.(adam.whittaker@wsj.com)