UniCredit is offering 0.175 newly issued shares for each existing share of Banco BPM, implying an offer price of €6.657 per share. This is a premium of about 0.5% to the closing share price on Friday, or 15% based on the undisturbed Banco BPM shares price on 6 November, prior to the announcement of the Anima acquisition offer. "The offer seeks to strengthen UniCredit's competitive position in Italy, one of the group's core markets, creating an even stronger number 2 bank in an attractive market generating significant long-term value for all stakeholders and for Italy," UniCredit said. "The complementary nature of the businesses across both geographies and client segments together with UniCredit's demonstrated execution capability means the board considers the combination to represent a manageable execution risk." UniCredit said its offer for Banco BPM is autonomous and independent from the investment made in Germany's Commerzbank.