Banco BPM's share price rose by 2.2%
in early trading on Monday after France's Credit Agricole said
it was upping it stake in the Italian lender from 9.9% to 15.1%
and plans to raise it to 19.99% in response to an all-share
hostile takeover bid by UniCredit.
The stock of UniCredit, on the other hand, shed 1.2%.
UniCredit's bid thwarted plans by the Italian government to
broker a merger between BPM and Monte dei Paschi di Siena (MPS),
which the Italian State has a stake of around 11.7% in after a
2013 bailout.
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