Italian lender UniCredit on Monday offered to snap up its domestic rival Banco BPM for roughly 10 billion euros ($10.5 billion) in a move it says is separate from its pursuit of German bank Commerzbank .
UniCredit said in a statement early Monday that it is offering 6.657 euros for each share — a slight premium on Friday's close price of 6.644 euros.
UniCredit said the purchase, which would be an all-stock deal, would allow the bank to "further strengthen its role as a leading pan-European banking group."
Monday's news follows a flurry of merger and acquisition announcements in the European banking sector this year.
The industry has been considered ripe for consolidation for years, with cash-rich UniCredit often cited as a possible acquirer.
Persons:
UniCredit
Organizations:
Banco