MILAN (Reuters) – UniCredit has until March to evaluate improving its takeover bid for Banco BPM, CEO Andrea Orcel told an investor call on Wednesday according to a person who attended the virtual meeting.
UniCredit declined to comment.
With a potential move on Commerzbank in stand-by due to a political vacuum and a German rule that would force UniCredit to pay in cash if it bid for the rest of Commerzbank within six months of crossing a 5% ownership threshold, Orcel is targeting smaller domestic peer Banco BPM.
(Reporting by Valentina Za, editing by Alvise Armellini)
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