UniCredit AGM Approves Capital Hike for Banco BPM Bid

Milan: UniCredit’s annual general meeting on Thursday approved a capital hike to finance the hostile takeover bid by Italy’s second biggest bank for the country’s third biggest, Banco BPM. Shareholders holding 99.88% of the capital voted in favour of the ongoing bid, which is being resisted by BPM.

According to Ansa News Agency, Intesa Sanpaolo is Italy’s biggest bank. The approval of the capital hike marks a significant step in UniCredit’s strategic move to expand its influence in the Italian banking sector through the acquisition of Banco BPM.