Italy explores options to counter UniCredit's takeover bid for Banco BPM

Italy's government is exploring options to counter UniCredit's €10 billion takeover bid for Banco BPM, which BPM has rejected. The bid complicates Italy's plans for a merger between BPM and Monte dei Paschi di Siena. The government may use emergency legislation to allow Banco BPM to bypass rules that limit its ability to respond to the takeover. This would enable BPM to raise its bid for Anima and increase its stake in Monte dei Paschi. Economy Minister Giancarlo Giorgetti stated that the government did not agree to UniCredit's bid, which was communicated without prior consultation.