Divided between two takeover courtships, UniCredit's Andrea Orcel still has room to sweeten his bid for Italy's Banco BPM, analysts say, while political turmoil stalls a deal with Germany's Commerzbank .
Until recently, the latter had been the subject of speculation as a potential merger partner for Germany's largest lender, Deutsche Bank.
"There is scope for increasing the [Banco BPM] offer," Johann Scholtz, senior equity analyst and Morningstar, told CNBC.
"Remember, that's the second attempt from Orcel to buy [Banco] BPM ...
Orcel last month labeled Banco BPM as a "historical target" — stoking the flames of media reports that UniCredit had previously sought a domestic union back in 2022.
Persons:
UniCredit's Andrea Orcel, Germany's Commerzbank, Orcel, Olaf Scholz's, — UniCredit, Giancarlo Giorgetti, UniCredit —, Johann Scholtz, Morningstar, Scholtz, Filippo Alloatti, Federated Hermes, UniCredit, Alloatti, Rome, Anima
Organizations:
Italy's Banco, ABN Amro, Deutsche Bank, Economy, Ansa, Banco, CNBC, Federated, Anima Holding
Locations:
Commerzbank, Monte dei, —