Banco BPM Shares Rise on Report of Potential Joint UniCredit-Crédit Agricole Bid

Shares in Banco BPM (BAMI) jumped over 3% on Monday following a report that UniCredit and Crédit Agricole are considering a joint takeover offer for the Italian lender. The development introduces a significant new element into the complex M&A battle currently reshaping Italy's financial landscape.

The Potential Joint Offer

The speculation was triggered by a report on Saturday from the Italian newspaper *Il Sole 24 Ore*, which stated that the two banking giants were assessing a joint move on Banco BPM. The report did not provide further details on the potential structure or timing of such an offer.

Crédit Agricole is already the single largest investor in Banco BPM, holding a 29.3% stake. A partnership with UniCredit would unite two of Italy's most significant financial players in a bid for the country's third-largest bank.

A Crowded Field

This news comes as Banco BPM is already the subject of a separate, unsolicited takeover attempt. In August, Monte dei Paschi di Siena (MPS) launched an all-share offer worth €25.3 billion for Banco BPM.

Ad

MPS's move is widely seen as a defensive strategy to fend off a €35 billion takeover bid for itself from Intesa Sanpaolo. According to a separate report from Italian daily *La Stampa* last week, Crédit Agricole has already signaled its opposition to the MPS offer, viewing it as unattractive and favoring a merger between Banco BPM and its own Italian retail arm.

Shifting Alliances

A potential collaboration between UniCredit and Crédit Agricole would mark a notable strategic shift, as the two have historically been rivals for influence over Banco BPM. UniCredit attempted its own €10.1 billion unsolicited bid for Banco BPM in late 2024, which it later withdrew in July 2025 after failing to meet conditions related to Italy's "golden power" rules, which allow the government to block foreign takeovers of strategic assets.

That earlier standoff prompted Crédit Agricole to build up its significant stake in Banco BPM, partly to protect long-standing commercial partnerships with the bank in areas like consumer credit and insurance.