UniCredit has until March to consider improving the terms of the Ops on Banco Bpm

CEO Andrea Orcel said this during a video call with investors organized by BofA, according to a participant in the meeting.

Last November 25, UniCredit surprised the market by announcing a €10.1 billion voluntary share exchange offer on Banco Bpm.

The Orcel-led institution set an exchange ratio of 0.175 newly issued UniCredit shares for each existing share of Banco Bpm, with an implied offer price of 6.657 per share and a premium of about 0.5 percent over official prices at the previous close.

(Valentina Za, writing Andrea Mandalà, editing Gianluca Semeraro)