Banco BPM board meeting to discuss UniCredit's bid

(ANSA) - ROME, NOV 25 - Banco BPM's board of directors is scheduled to meet on Tuesday morning, ANSA learned on Monday.
    The board meeting, which was already on the agenda, is expected to discuss the surprise all-share bid launched by UniCredit on Monday morning.
    After the announcement, UniCredit shares fell 4.4%, along with MPS (-2.3%) and Commerzbank (-5.8%) while BPM shares rose 3.1%.
    Italy's lender on Monday launched a surprise 10 billion euro bid for domestic rival Banco BPM, which CEO Andrea Orcel said would take precedence over a potential move on Germany's Commerzbank .
    "Our position in Commerzbank is an investment" which "has time to mature", Orcel said to explain the operation.
    The offer for Banco BPM comes during an impasse in UniCredit's efforts to buy its German rival - an acquisition opposed by the government in Berlin.
    In September, UniCredit increased its stake in Commerzbank to 21% and filed a request to increase the holding to up to 29.9%.
    Earlier that month, the Italian lender had acquired a 9% stake in Commerzbank, including half from the German government.
    Meanwhile, earlier this month Banco BPM made an offer for asset manager Anima in a potential 1.6 billion euro deal and then bought a 5% share in bailed-out rival Monte dei Paschi di Siena (MPS). (ANSA).